Cross-border restructuring and insolvency

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Randolf Pope
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1 Cross-border restructuring and insolvency

Schultze & Braun handles all Germany-related aspects of European, English and American business

innovative solutions for all aspects of cross-border restructuring and insolvency cases, be it under EC

Our extensive knowledge of restructuring and insolvency law is based on more than 20 years of

Schultze & Braun also promotes the development of international insolvency law through broad-based

as well as providing legal counsel to international bodies.

(CPA) Special focus: US CSchnurr@schubra.de Peter de Bra Special focus: US PdeBra@schubra.

2 Schultze & Braun handles all Germany-related aspects of European, English and American business recovery and insolvency law, with each team member focusing on particular jurisdictions, legal cultures and languages. European busi - ness recovery and insolvency are our particular specialities We are able to design innovative solutions for all aspects of cross-border restructuring and insolvency cases, be it under EC Regulations, adoption of the UNCITRAL framework or in connection with the US-Bankruptcy Code. Our extensive knowledge of restructuring and insolvency law is based on more than 20 years of involvement in insolvency administration. Schultze & Braun also promotes the development of international insolvency law through broad-based academic activities, such as publishing books and articles, and representation on industry committees, as well as providing legal counsel to international bodies. Additional focus: US Eberhard Braun specialising in insolvency law and Certified Public Accounting (CPA) Special focus: US CSchnurr@schubra.de Peter de Bra Special focus: US PdeBra@schubra.de Additional focus: Europe Volker Beissenhirtz Registered European Lawyer (UK) Special focus: UK VBeissenhirtz@schubra.de Ellen Delzant and French attorney-at-law (avocat) Special focus: France EDelzant@schubra.de Pascal Schütze Special focus: France PSchuetze@schubra.de Albert Lutz CPA and tax consultant Special focus: France ALutz@schubra.de

3 Additional focus: Europe Additional focus: Asia Nicole Stephan Special focus: Italy Annerose Tashiro Head of cross-border business restructuring and insolvency Registered European Lawyer (UK) Special focus: Japan and US Patrick Ehret and French attorney-at-law (avocat) Special focus: France Elske Fehl Special focus: China Stella Kleine Special focus: Hungary We can provide advice in German, English, French, Hungarian, Italian, Japanese, Spanish and Mandarin. Oliver Liersch Special focus: Switzerland, Liechtenstein

We have more than 70 lawyers and our offices cover over one third of Germany s 183 Insolvency Courts coverage unmatched by any other law firm.

case, resulting in over f600 million in damages; Daewoo Germany; Winterling; and Fairchild Dornier.

4 How can Schultze & Braun assist you? Schultze & Braun is one of the topranking business recovery, insolvency and restructuring specialists in Germany. We have more than 70 lawyers and our offices cover over one third of Germany s 183 Insolvency Courts coverage unmatched by any other law firm. Our major assignments have included: FlowTex, an international fraud case involving over $2 billion in damages; Phoenix, also an international fraud case, resulting in over f600 million in damages; Daewoo Germany; Winterling; and Fairchild Dornier. We specialise in: Reorganisations, including restructuring plans Risk management, including trustee structures and creditor pools Distressed M&A, including non-performing loans Labour and employment law Transnational insolvency law Liability issues, including recharacterisation as equity; equitable subordination and avoidance Fraud insolvency cases

Schultze & Braun has more than 20 years experience working as administrators for courts and can answer all the questions you may have regarding the outcome of German insolvency procedures.

5 Focus: Banks Are you sure that the collateral you were granted by a German company has been assigned properly? Do you know what will happen if the German subsidiary of your USbased debtor becomes insolvent? Do you need collateral documents incorporating decades of experience in insolvency work? Schultze & Braun has more than 20 years experience working as administrators for courts and can answer all the questions you may have regarding the outcome of German insolvency procedures. Schultze & Braun can draft your documents, audit your collateral, evaluate the financial status of your debtor and, if there is potential for a settlement, represent you in dealings with the court-appointed administrator. Focus: Creditors Are you caught in a German insolvency and fear you will suffer substantial losses? Are you unsure whether your general terms and conditions provide the best possible protection from your customer s insolvency? Schultze & Braun can represent your interests in a German insolvency and advise you on how to improve your position should your business partner in Germany become insolvent. Focus: Shareholders Do you own a German company wholly or in part? Is your German subsidiary in difficulty? Are you considering insolvency scenarios? Do you know what your risks are in a German insolvency? Will there be any liability for the parent company or personal lia - bility for an officer of the German subsidiary? Schultze & Braun can tell you what a German administrator will look for when trying to establish the liability of the parent. We can also assess the risks involved in an insolvency scenario and help your officers avoid personal liability. Focus: Investors Are you planning to buy a German company that has been declared insolvent? Do you know how to determine the purchase price? Are you concerned that the insolvency administrator will try to get the better of you? Schultze & Braun has sold hundreds of insolvent companies and represented numerous investors in buying companies from insolvency administrators. To get the best price for your planned investment it is necessary to understand how both the administrator and the creditors behind the administrator think. Schultze & Braun can help you get the best deal possible by representing you in your negotiations with the administrator or individual creditors.

Schultze & Braun s Senior Partner Schultze & Braun s Of Counsel for international restruc - turing consulting Eberhard Braun Attorney and Chartered Accountant Professor Christoph Paulus LL.M.

Braun specialises in the reorganisation and restructuring of all kinds of commercial enterprises, as well as trusteeship and collateral security management for companies and financial loan creditors.

Braun has authored and co-authored a wide range of insolvency law publications, including Insolvency and Restructuring in Germany, 2007 and Commentary on the German Insolvency Code, 2006.

The International Insolvency Administrators Association INSOL and president of INSOL Europe 2003/2004. The International Insolvency Institute. The International Bar Association.

6 Schultze & Braun s Senior Partner Schultze & Braun s Of Counsel for international restruc - turing consulting Eberhard Braun Attorney and Chartered Accountant Professor Christoph Paulus LL.M., Of Counsel Founder of Schultze & Braun and head of the Restructuring Consulting practice. 1975: Together with Mr Wolfgang Schultze, tax consultant, founded Schultze & Braun in Achern, Germany. Braun specialises in the reorganisation and restructuring of all kinds of commercial enterprises, as well as trusteeship and collateral security management for companies and financial loan creditors. He also handles both national and international insolvency cases for courts and creditors. His most recent major proceedings involved FlowTex, Winterling, Fairchild Dornier and Walter Marketing. Braun has authored and co-authored a wide range of insolvency law publications, including Insolvency and Restructuring in Germany, 2007 and Commentary on the German Insolvency Code, He is a member of: The German Lawyers' Association, and is a long-standing member of its insolvency law committee. The study group for reorganisation and insolvency in the IDW. The International Insolvency Administrators Association INSOL and president of INSOL Europe 2003/2004. The International Insolvency Institute. The International Bar Association. The American Bankruptcy Institute. The Association of Insolvency Accountants. The American Law Institute (As international adviser for German insolvency law). 1987: appointed and sworn in as a Chartered Accountant. Doctorate studies under Professor Hans Heinrich Jescheck, head of the Max Planck Institute for foreign and international criminal law in Freiburg. In 1994 Paulus became full professor at the Humboldt University of Berlin, where he holds the chair for civil law, Roman law, civil procedure law and insolvency law. Robbins Fellow at the Law School of the University of California, Berkeley (10/97). Consultant to the International Monetary Fund in Washington, DC (focusing on the insolvency code) (08/98-01/99). Insolvency law consultant in Moldova, mandated by GTZ (Technical Co-operation Society) (03/00-04/00 and 07/01). Insolvency law consultant in Belgrade, Yugoslavia, mandated by GTZ as editor of the Yugoslav insolvency law (04/02). Consultant to the International Monetary Fund in Washington, DC (focusing on state insolvency proceedings) (10/02). Consultant to the World Bank in Washington DC (04/06-09/06). Since 2006 Professor Paulus has been an adviser and Of Counsel for Schultze & Braun. He is also a consultant to the publishing boards of several magazines, including ZIP. He has written books and articles on topics ranging from ancient Roman law to computer law, contract law, inheritance law, national and international civil procedure law, and numerous contributions on national and international insolvency law. Co-editor of the supplementary volume (technical paper) for the World Bank Insolvency Project (06/01-11/01). Member of the International Insolvency Institute (since 12/00). Member of the American College of Bankruptcy (since 03/04). Member of the International Association for Procedural Law (since 01/05). Visiting professor at the University of Izmir/Turkey (04/94). Visiting professor at the University of the Western Cape in Cape Town, South Africa (03/98). Visiting professor at the Brooklyn Law School, New York (01/05). Visiting professor at Università Commerciale Luigi Bocconi, Milan, Italy (05/04-05/05). Professor Paulus has also undertaken further work as the Berlin chairman of the German-American Lawyers Association (DAJV, also known as GALA), as expert assessor of the DAAD (German Academic Exchange Service), and as Dean for international affairs.

8 Schultze & Braun has offices in Germany, United Kingdom and France. For further information or advice please contact: United Kingdom: Schultze & Braun LLP 33 Throgmorton Street London EC2N 2BR United Kingdom Phone Fax Germany: Achern P. O. Box Achern Germany or Eisenbahnstraße Achern Germany Phone Fax France: Schultze & Braun GmbH Rechtsanwaltsgesellschaft 28, rue Jean-Frédéric Oberlin Strasbourg France Phone +33 (0) Fax +33 (0) Internet: Berlin Schützenstraße 6a Berlin Germany Phone Fax Frankfurt Olof-Palme-Straße Frankfurt Germany Phone Fax Offices in Germany: Lübeck Hamburg Bremen Rostock Osnabrück Berlin Hannover Braunschweig Magdeburg Dessau Wuppertal Mönchengladbach Halle Erfurt Leipzig Chemnitz Dresden Frankfurt Alzenau Saarbrücken Mannheim Karlsruhe Stuttgart Achern Offenburg Rottweil Freiburg Nürnberg Augsburg München International Affairs (Bildhinweis: mauritius-images)

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