Cash Pooling (en)

Author: Sebastian Korts
ISBN-No: 978-3-8005-4278-9
Publication: Recht & Wirtschaft
Edition/Year: Second Edition, 2009

This new publication by Mr Sebastian Korts in the series of works “Heidelberger Musterverträge (Sample Agreements)” outlines the essentials of an increasingly important form of company financing in a more understandable way. Cash pooling is a highly developed tool for optimising the liquidity situation of medium-sized to international working companies.

Over the last centuries, the US developed system of cash pooling has also increasingly established itself in many German companies. Cash pooling is based on the system of fusing all surplus liquidity in the group of companies. At the same time this liquidity is distributed to those “most needed” areas of the business. The work gives an introduction on how such a system works and describes the typical aspects of an cash-pooling agreement.
Also examined is the practice of loan agreements in the whole group of companies, which cannot be summarised under this heading. Furthermore, the author explains in detail company law issues currently being discussed as a result of the recent decisions by the German Federal Court (“Bremer Vulkan” and “upstream loan” - Judgements) and offers some advice on a legal form of agreements. The work ends with comments on tax aspects and gives a short glossary on the most important English-language terms.

This work offers the possibility of a sound introduction to the businessman or consultant dealing for the first time with such a form of financing and at the same time thoroughly describes the problem areas.

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