Date: 23 February 2021
Time: 3:00 PM UTC
Duration: 60 min
Language: English
Format: Online
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Germany: Rising of a new star? The new German Restructuring Law (StaRUG). Restructuring without Insolvency

According to the current planning, Germany will have one of the most modern restructuring frameworks (StaRUG) outside insolvency within Europe from January 1, 2021. With the new StaRUG, German companies could finally be restructured with an internationally competitive majority driven restructuring plan ("Scheme") outside an insolvency proceeding. The StaRUG creates a framework for non-insolvency restructuring, which enables companies to restructure on the basis of a restructuring plan adopted by a majority of creditors. Thus the law closes the gap between an out of court consensual restructuring and a restructuring in an insolvency proceeding by the use of self-administration with an insolvency plan or an asset sale. The webinar will present the innovations and restructuring tools of the new German restructuring law. Two presentations from Max Pluta and Ivo Willrodt from PLUTA showing, how these tools will work and fit into the already existing German legal restructuring toolbox. In particular this will be:

• the new debtor controlled modular procedures,

• the restructuring plan with cross-class cram down,

• the stabilization options with a Moratorium (automatic stay)

• the contract termination option

• the financing (Safe Harbour)

• the dual approach of international recognition

• possible liability issues of the directors

• the chronological timeline of actions

After the presentations, the new German framework and how it compares to the situation in the US and UK will be discussed with  Mark Fry, Partner of Begbies Traynor and Ian Ratner, Co-Chief Executive Officer of B. Riley Advisory Services. The group will also discuss how  their firms collaborate on international mandates and the restructuring environment in their countries at this time.

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Ivo Willrodt

Ivo-Meinert Willrodt is an attorney specialising in insolvency law. He also holds an Executive MBA from the University of St. Gallen. He is Managing Partner of PLUTA Rechtsanwalts GmbH and responsible for the Munich, Hallbergmoos and Regensburg offices. He has been working for PLUTA for over 17 years as a restructuring expert, and has already supervised more than 500 corporate insolvencies. As part of his role within the scope of insolvency administration, he took over the continuation and restructuring of companies and corporations with up to 600 employees.

Max Pluta

Dr. Maximilian Pluta is managing partner of PLUTA Rechtsanwalts GmbH and managing director of PLUTA Management GmbH. He is Head of Restructuring. As an attorney, tax consultant and graduate in Business Administration, he has already supported numerous major companies during turnarounds and restructuring processes or during preparations for debtor-in-possession proceedings. His main practice areas are automotive, engineering, logistics, renewable energies, construction, shipyards, finance (emission house), retail and fashion.

Mark Fry

Mark is the National Head of Advisory and Restructuring at Begbies Traynor Group in the UK. He has specialised in business rescue and restructuring for over 25 years with expertise in business reviews, debt advisory, financial and commercial due diligence (including acquisition, vendor, pre deal review and completion assistance), business valuation, Mergers and Acquisition advice, litigation support, solvent reconstructions, optimised exit planning, financial restructuring, performance improvement advice, strategic planning and implementation support. Mark has served as a president of the Insolvency Practioners Association and has also served as a member of the General Technical Committee for R3, the Association of Business Recovery Professionals.

Ian Ratner

Ian Ratner, Co-Chief Executive Officer of B. Riley Advisory Services, is a CPA with approximately 30 years of experience in Public Accounting, Forensic Accounting, Business Valuations, Due Diligence Services, Corporate Finance and Bankruptcy Consulting. Ian co-founded GlassRatner (now doing business as B. Riley Advisory Services) in 2001 with Ron Glass and has been instrumental in building the firm into one of the leading multi-office financial advisory services firms in the country, ranked on numerous occasions by the Bankruptcy Insider and TheDeal.Com as one of the top Crisis Management and Restructuring Firms in the nation. In 2018, GlassRatner was recognized by The National Law Journal and Corporate Counsel as one of the country’s top Forensic and Litigation Support providers. In 2018 GlassRatner merged with B. Riley Financial.

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