It is rare that lawyers and advisors in Germany so unequivocally praise new bankruptcy legislation as they have with a new draft bill published by the German Federal Ministry of Justice on September 18, 2020.

As the first real overhaul of the German restructuring framework since the restructuring laws were introduced, creating a potential template for other European jurisdictions to follow, there has rightly been much focus on this development and what it could mean for the future of distressed companies in Germany and across Europe.