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Federal government will draw millions from bankruptcies €

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Justizministerin Sabine Leutheusser-Schnarrenberger: Die Ministerin hat Ärger mit den Insolvenzverwaltern. Quelle: dpa

Justice Minister Sabine Leutheusser – Schnarrenberger : The Minister has trouble with the insolvency practitioners . Source: AP

DÜSSELDORF. Especially on the amendment to tax regulations , the federal government will draw millions from bankruptcies. Part of the industry to see why the goal to preserve as many companies from collapse, at risk. They run assault against the government’s plans . The Association of Insolvency Germany (VID ), one of three industry associations , provides with the Justice Minister Sabine Leutheusser – Schnarrenberger (FDP ), a public exchange of blows.

Here , the Minister is not responsible for the called- savings contribution of the insolvency administrator. The so-called Budget Support to the Federal Government had launched an austerity package in early June to consolidate the debt budget. Finance Minister Wolfgang Schäuble ( CDU ) drives one of the contributions of each sector. And be with him on everything, not only negotiate on the volume . That turned the responsible officer is clear from the Justice Department , Marie Louise Graf- slip, on the trading sheet insolvency Symposium. could have "The Treasury can only come with facts not with faith , "she countered speculation in the industry, which adversely impact the planned changes in legislation.

After all, negotiated away , the Justice Minister Schäuble’s the first plan . The Minister of Finance , the Treasury initially wanted to introduce privilege again, that the tax would have made the unsecured creditors . This means that all of the state tax would be paid preferred. Then should the cash of the ailing companies to be so empty that a reorganization can be used not only in attack. The equal treatment of all creditors was also celebrated as a great success in the latest reform of insolvency law.

To zusammenzubekommen the half a billion is now provided , the tax authorities to be preferred for the latter. Administrator also see this as a strong intervention in the liquidity of insolvent companies. The straight sold Karstadt department store group had been able to save , for example, a three-digit million amount is not payable on the sales tax first months of bankruptcy.

In addition , the federal government will allow the tax authorities to be able to set off claims against a company with repayment obligations. This must otherwise no other creditors. And for good reason: A crisis-ridden company to survive must collect every cent can order .

The chance to stop these two victims of the scene for the fiscal insolvency are also not good. "It’s a fine line between rehabilitation and public interest " Graf- slip defended the actions of the government.

Difficult design obviously also another project of the Ministry of Justice, as part of the ongoing bankruptcy amendment to make the justice system in Germany effective and more professional . There is great applause among the insolvency experts. In future a maximum of two per district courts District Court for insolvencies will be in charge . Thus , the Minister responded to persistent criticism of the lack of qualifications of many district judges for difficult insolvency proceedings. On the other hand defend themselves but also many states. It would probably amount to a compromise, said the speaker . But Lower Saxony has 33 bankruptcy courts , California courts still 19 .

BACKGROUND

The federal government wants to modernize the insolvency law in the "Act to further facilitate the rehabilitation of enterprises "( ESUG ) fundamentally. Therefore, the self-administration , in which the Executive remains in office , and the planning procedures should be strengthened. Both measures are designed to increase the chance that survive bankruptcy and companies are not shattered. Also strengthened the rights of creditors who have a say in the future , for example in the selection of the liquidator. The law is later this year.

In parallel, the credit – Reorganization Act ( KredReorgG ) is prepared. It consists of two parts: In addition to new rehabilitation rules for all banks should there be a law specifically for restructuring ailing banks systemically , such as the HRE. In this law the state or the banking supervision BaFin granted extensive rights to intervene . The law will become effective upon the plans of the Justice Department early 2011.