Author Dagmar Gold is a managing partner at Deutsche Pfandverwertung a publicly appointed and sworn auctioneer and an IfUS-certified restructuring and turnaround adviser. She advises lenders and restructuring professionals on pledged collateral statutory public auctions and pre-pack proceedings. As a member of the BvV she attended the Federal Ministry of Justice hearing on Directive (EU) 2026/799 together with the Association’s President. Email: office@deutsche-pfandverwertung.de

Pre-packs stays and security enforcement: implications for lenders to German businesses

Directive (EU) 2026/799 introduces an EU framework for pre-pack proceedings. The debtor may itself initiate the preparation phase by seeking the appointment of a monitor from the competent court or authority without the Directive requiring affected secured creditors to be informed or heard beforehand. For lenders private credit funds and security agents dealing with German borrowers the main questions are therefore who controls enforcement how...