How are creditors involved in the plan solution under the ESUG and the StaRUG?
In proceedings under the ESUG (the German act facilitating the restructuring of companies), that is Eigenverwaltung (debtor-in-possession management) or the Schutzschirmverfahren (protective shield proceedings) under the German Insolvency Code, all creditors must be included in the plan solution. The debtor company submits a restructuring proposal to all creditors, which is put to a vote. By contrast, the StaRUG (the German Act on the Stabilisation and Restructuring Framework for Businesses) allows individual creditors or groups of creditors to be included, such as banks, landlords or suppliers.
