Kapitalaufbringung und Kapitalerhaltung im Cash-Pool nach Inkrafttreten des MoMiG und des ARUG (German Edition)
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Kapitalaufbringung und Kapitalerhaltung im Cash-Pool nach Inkrafttreten des MoMiG und des ARUG (German Edition)

Kapitalaufbringung und Kapitalerhaltung im Cash-Pool nach Inkrafttreten des MoMiG und des ARUG (German Edition)


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About the Book

Abstract The introduction of the German Act to modernize the GmbH-Law (MoMiG) in combination with the Act which will implement the Shareholders' Rights Directive (ARUG) has various effects on corporations and their cash management. Cash pools are a vehicle to collect excess liquidity of a group's subsidiaries and to feed it into a master account held by the ultimate group's parent. Amongst others, cash can be provided to the subsidiaries in acute need of liquidity. Particularly the changes in the regime of raising and preserving capital have critical effects on German groups and will make cash pooling risky in the future. Caution is not only advisable for cash capital increases at the level of the subsidiaries that are included in the cash pool system, as liability risks have been transferred from the members to the managing directors. Further imponderables now arise with regard to the so-called "value equivalency" of the loan repayment claim. Also the consequences of the downstream loans' contestation under insolvency law have to be taken into consideration. Thus, due to the variety of problems groups need to look after themselves with a well-thought contractual design. Also the strict adherence to several basic rules is crucial to benefit economically from cash pooling. The paper shall subject the reform to a critical evaluation, provide an overview of the legal and practical aspects in a cash pool and provide a solution to arising difficulties.


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Product Details
  • ISBN-13: 9783844100952
  • Publisher: Josef Eul
  • ISBN-10: 3844100954
  • Publisher Date: 11/14/2011


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Kapitalaufbringung und Kapitalerhaltung im Cash-Pool nach Inkrafttreten des MoMiG und des ARUG (German Edition)
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Kapitalaufbringung und Kapitalerhaltung im Cash-Pool nach Inkrafttreten des MoMiG und des ARUG (German Edition)
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