StaRUG (Stabilisation and Restructuring Act)
Out-of-court restructuring procedure without formal insolvency. Enables restructuring without opening an insolvency case.
StaRUG (Corporate Stabilisation and Restructuring Act) has been in force in Germany since 2021 and implements the EU Restructuring Directive. It allows companies with imminent insolvency to restructure outside formal insolvency.
Core instruments: restructuring plan with creditor-group majorities, court confirmation, contract-termination right for the debtor, suspension of enforcement. The procedure is generally not public (annotation only for certain instruments).
For buyers, StaRUG means: no public announcement path — deals typically come through direct contact, restructuring advisors or specialised investment bankers. Not part of the classic Übernahme-Radar pipeline.
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