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German share pledges in insolvency: disposal authority, enforcement design and security agent risk
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In cross-border financings involving German collateral enforcement is often approached as a matter of contractual control under intercreditor arrangements and security agent instructions. In German insolvency scenarios involving pledged shares and other governance-sensitive rights that approach may be incomplete. The prior legal question is whether disposal and enforcement authority rests with the insolvency estate or remains with the secured creditor.
This article examines the resulting execution risk the limits of insolvency-led sales assumptions and the consequences for lenders security agents and...
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