Abstract
Abstract The Austrian Business Reorganisation Act (Unternehmensreorganisationsgesetz—URG) provides for ‘reorganisation proceedings’ (Reorganisationsverfahren—URG Proceedings) that shall enable businesses that are in poor financial shape, but not yet insolvent, to stay in business and to continue to carry on their activities after having successfully completed the proceedings. Banks, pension funds, insurance companies and investment firms are exempted from those provisions. However, except for the provisions on liability of the shareholders as well as the management and supervisory board, the URG does not show recognition in practice, as allegedly only a few proceedings so far have been opened on its basis since its enactment on 1 October 1997.
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