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Sabine Vorwerk, Sven Schelo, Marc Trinkaus, Michal Hlasek, Tobias Klupsch, Michael Rickert
After its so-called pledgee decision (Pfandgläubiger-Entscheidung) of 1992, the German Federal Court of Justice again addressed the issue of the shareholder-like position of lenders. The new ruling of 25 June 2020 is of significant practical relevance. From the lender's point of view, it can be profitably used in the assessment of loan agreement conditions and offers an enhanced legal certainty for the structuring of a double-sided restructuring trusteeship
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