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The ESUG insolvency law , introduced two years ago, gave Germany a truly
effective alternative to liquidation. But it is still an insolvency law. Local
practitioners and legislators bitterly regret the absenceof an equivalent to the
increasingy popular English Scheme of Arrangement as a restructuring tool.

On the other hand, practitioners are coming to realise that another piece of
leislation may have provided them with similar tools; Germany's 2009 Bond Act.

Asmus Ohle und Wolf Waschkuhn explain how it works.

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