Drohende Subordination als Schranke einer Unternehmenskontrolle durch Kreditgeber.

The article presents information on the German bankruptcy law since 2008, which subordinates shareholder loans to a corporation along with economically equivalent forms of financing. The article analyzes the economic rationale of the subordination rule. On the basis of corporate finance theory, it is stated that the rule seeks to improve shareholder incentives when the corporation is in crisis and the shareholder's stake has lost its value.