{"id":8952,"date":"2026-03-23T10:54:38","date_gmt":"2026-03-23T10:54:38","guid":{"rendered":"https:\/\/rfblegal.co.uk\/?post_type=insight&#038;p=8952"},"modified":"2026-04-07T11:04:59","modified_gmt":"2026-04-07T11:04:59","slug":"qa-wertpapier-mit-aufgeschobener-gegenleistung","status":"publish","type":"insight","link":"https:\/\/rfblegal.co.uk\/de\/einblicke\/qa-wertpapier-mit-aufgeschobener-gegenleistung\/","title":{"rendered":"Q&amp;A: Aufgeschobene Gegenleistung und Sicherheit\u00a0"},"content":{"rendered":"<h2 class=\"wp-block-heading\"><strong>Frage: Was versteht man unter einer aufgeschobenen Gegenleistung bei einem Aktienverkauf?<\/strong>\u00a0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Deferred <a href=\"https:\/\/rfblegal.co.uk\/de\/einblicke\/schutz-der-aufgeschobenen-gegenleistung-bei-einem-aktienverkauf\/\">consideration<\/a> is any element of the purchase price that is not <a href=\"https:\/\/rfblegal.co.uk\/de\/wissensbasis\/leitfaden-fur-wohnungsvermieter-was-zu-tun-ist-wenn-ein-mieter-im-vereinigten-konigreich-die-miete-nicht-zahlt\/\">paid<\/a> in full on the day of completion. It arises in a variety of deal structures and for a variety of reasons. Common forms include:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/rfblegal.co.uk\/de\/einblicke\/streitigkeiten-bei-aktienkaufvertragen-streitigkeiten-im-zusammenhang-mit-earn-out-klauseln\/\">Earn-out<\/a> payments \u2014\u00a0<a href=\"https:\/\/rfblegal.co.uk\/de\/wissensbasis\/stempelsteuer-auf-zusatzliche-immobilien\/\">zus\u00e4tzlich<\/a>\u00a0consideration payable if the <a href=\"https:\/\/rfblegal.co.uk\/de\/einblicke\/qa-vertrage\/\">business<\/a> meets agreed financial targets after completion.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ratenzahlungen \u2013 Der Preis wird \u00fcber einen festgelegten Zeitraum in Raten gezahlt, unabh\u00e4ngig davon, ob dies an die Leistung gekn\u00fcpft ist oder nicht.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Verk\u00e4uferdarlehen \u2013 Der Verk\u00e4ufer leiht dem K\u00e4ufer praktisch einen Teil des Kaufpreises zur\u00fcck, der im Laufe der Zeit mit Zinsen zur\u00fcckgezahlt werden muss.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Anpassungen des Abrechnungskontos \u2013 wenn der Endpreis von einer vereinbarten finanziellen Kennzahl abh\u00e4ngt, die nach Abschluss ermittelt wird, und eine Ausgleichszahlung von der Partei geleistet wird, die gem\u00e4\u00df diesem Mechanismus einen \u2018Fehlbetrag\u2019 aufweist.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Deferred consideration changes the seller&#8217;s risk profile fundamentally. Once the shares are transferred, the seller no longer owns or controls the business. Their security for the deferred payment is entirely contractual \u2014 and if the buyer <a href=\"https:\/\/rfblegal.co.uk\/de\/einblicke\/was-passiert-wenn-sie-einen-uberbruckungskredit-nicht-punktlich-zuruckzahlen-konnen\/\">defaults<\/a>, the seller must pursue a claim against someone who now controls the asset that was the subject of the sale. Appropriate security for deferred payments is therefore not optional; it is essential.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Q<\/strong>. <strong>Welche Sicherheiten kann ein Verk\u00e4ufer f\u00fcr aufgeschobene Zahlungen der Gegenleistung erhalten?<\/strong>\u00a0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Das englische Recht sieht eine Reihe von Sicherungsmechanismen vor, auf die Verk\u00e4ufer zur\u00fcckgreifen k\u00f6nnen, um ihre Verpflichtungen aus aufgeschobenen Gegenleistungen abzusichern. Die g\u00e4ngigsten sind:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Personal guarantee \u2014 a promise by one or more individuals (typically the buyer&#8217;s principals) to meet the deferred payment if the buyer entity defaults. Direct and effective, but <a href=\"https:\/\/rfblegal.co.uk\/de\/einblicke\/der-unverzichtbare-leitfaden-fur-erstkaufer-von-wohneigentum\/\">K\u00e4ufer<\/a> \u2014 particularly institutional buyers and <a href=\"https:\/\/rfblegal.co.uk\/de\/wissensbasis\/privatkunde\/\">private<\/a> equity houses \u2014\u00a0almost always\u00a0resist personal liability.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/rfblegal.co.uk\/de\/kategorie\/unternehmen-2\/\">Unternehmen<\/a> guarantee \u2014 a guarantee from the buyer&#8217;s parent company or an entity within the buyer&#8217;s group. As effective as a personal guarantee if the guarantor entity is creditworthy.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Debenture (fixed and floating charge) \u2014 security over the assets of the buyer company. Registered at Companies House; gives the seller priority in an <a href=\"https:\/\/rfblegal.co.uk\/de\/einblicke\/die-umlagezeit-umgang-mit-gewerblichen-mietruckstanden-bei-mieterinsolvenz\/\">Insolvenz<\/a>. May rank behind existing <a href=\"https:\/\/rfblegal.co.uk\/de\/tag\/senior-partner\/\">senior<\/a> lenders.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Legal mortgage over <a href=\"https:\/\/rfblegal.co.uk\/de\/dienstleistungen\/wirtschaftsrecht\/geschaft-mit-immobilienstreitigkeiten\/gewerbliche-nutzer\/\">Eigenschaft<\/a> \u2014 if the buyer or the target owns real property, a registered charge over that property provides strong, tangible security. <a href=\"https:\/\/rfblegal.co.uk\/de\/einblicke\/streitigkeiten-bei-uberbruckungskrediten-umgang-mit-zahlungsausfallen-vollstreckung-und-missbrauchlichen-klauseln\/\">Vollstreckung<\/a> through power of sale is straightforward if the charge is validly registered.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Aktienpfandrecht (Belastung der Zielaktien) \u2013 Der K\u00e4ufer gew\u00e4hrt dem Verk\u00e4ufer ein Pfandrecht an den Aktien des erworbenen Unternehmens. Wenn der K\u00e4ufer nicht zahlt, kann der Verk\u00e4ufer das Pfandrecht geltend machen und das Eigentum an dem Zielunternehmen zur\u00fcckerlangen. Ein wirkungsvolles Instrument, dessen Wert jedoch von der anhaltenden finanziellen Solidit\u00e4t des Zielunternehmens abh\u00e4ngt.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Escrow or cash retention \u2014 a sum is held by a neutral third-party agent and released to the seller on the satisfaction of specified <a href=\"https:\/\/rfblegal.co.uk\/de\/kundenkontodaten\/\">conditions<\/a>. Ring-fenced from the buyer&#8217;s creditors in an insolvency. Requires the buyer to have \u2014 and commit \u2014 the funds at completion.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bankakkreditiv \u2013 eine unwiderrufliche Verpflichtung der Bank des K\u00e4ufers, dem Verk\u00e4ufer auf Verlangen einen bestimmten Betrag zu zahlen. Die sicherste Alternative zu einer pers\u00f6nlichen B\u00fcrgschaft, ist jedoch f\u00fcr den K\u00e4ufer mit Finanzierungskosten verbunden.\u00a0<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Q<\/strong>. <strong>Welche Alternativen zu einer pers\u00f6nlichen B\u00fcrgschaft kann ein K\u00e4ufer anbieten?<\/strong>\u00a0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The personal guarantee is the form of security sellers most commonly&nbsp;request&nbsp;and buyers most commonly resist. For buyers who cannot or <a href=\"https:\/\/rfblegal.co.uk\/de\/einblicke\/kann-ein-testament-meine-fruheren-vertrage-aufheben\/\">wird<\/a> not provide personal <a href=\"https:\/\/rfblegal.co.uk\/de\/einblicke\/personliche-burgschaften-und-mietruckstande-bei-gewerblichen-mietvertragen-stellen-ein-risiko-fur-die-geschaftsfuhrer-dar\/\">guarantees<\/a> \u2014 a position taken by&nbsp;virtually all&nbsp;institutional, private equity and family office buyers \u2014 the following alternatives offer meaningful protection:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Unternehmensgarantie einer bonit\u00e4tsstarken Muttergesellschaft: Handelt es sich bei dem K\u00e4ufer um eine Zweckgesellschaft (SPV), ist eine Garantie der obersten Holdinggesellschaft oder eines kapitalstarken Konzernunternehmens oft die wirtschaftlich sinnvollste L\u00f6sung. Der Verk\u00e4ufer sollte eine eigene Bonit\u00e4tspr\u00fcfung des Garantiegebers vornehmen.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Treuhandkonto wird bei Vertragsabschluss aufgef\u00fcllt: Aus Sicht des Verk\u00e4ufers die sicherste Alternative. Die Gelder auf dem Treuhandkonto sind zweckgebunden, unabh\u00e4ngig von der Zahlungsf\u00e4higkeit des K\u00e4ufers und erfordern keine Zwangsvollstreckung \u2013 der Verk\u00e4ufer erteilt dem Treuh\u00e4nder lediglich die Anweisung, sobald die Ausl\u00f6sebedingungen erf\u00fcllt sind.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bank letter of credit: Provides bank-grade security with no personal liability for any <a href=\"https:\/\/rfblegal.co.uk\/de\/einblicke\/streitigkeiten-im-bereich-energie-und-versorgung-sind-sie-eine-privatperson-oder-ein-unternehmen-dem-von-seinem-energie-oder-versorgungsanbieter-zu-hohe-preise-in-rechnung-gestellt-werden\/\">individual<\/a>. The buyer&#8217;s bank issues an irrevocable payment undertaking. The cost is borne by the buyer in the form of bank fees and impact on credit facilities.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Aktienpfandrecht: Der K\u00e4ufer gew\u00e4hrt ein Pfandrecht an den soeben erworbenen Aktien. Bei Nichtzahlung des Kaufpreises kann der Verk\u00e4ufer das Unternehmen zur\u00fcckerhalten. Dies ist f\u00fcr K\u00e4ufer oft wirtschaftlich akzeptabel, da sich das Risiko auf den Verlust der Akquisition beschr\u00e4nkt und nicht auf ihr pers\u00f6nliches Verm\u00f6gen \u00fcbergreift.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Debenture over buyer&#8217;s assets: Where the buyer has assets, a registered debenture provides priority in an insolvency. Less effective where the buyer is an asset-light acquisition vehicle with senior lenders holding prior-ranking <a href=\"https:\/\/rfblegal.co.uk\/de\/einblicke\/wohnnebenkosten-ein-praktischer-leitfaden-fur-vermieter\/\">charges<\/a>.\u00a0<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Frage: Was ist ein Lieferantenkreditbrief?<\/strong>\u00a0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ein \u201eVendor Loan Note\u201c (auch als \u201eVendor Loan\u201c oder \u201eVendor Loan Note Instrument\u201c bezeichnet) ist ein Dokument, das der K\u00e4ufer dem Verk\u00e4ufer ausstellt und in dem er eine Schuld in Bezug auf eine aufgeschobene Gegenleistung anerkennt. Es handelt sich dabei im Grunde um einen formellen Schuldschein \u2013 der K\u00e4ufer leiht sich den aufgeschobenen Teil des Kaufpreises vom Verk\u00e4ufer und muss diesen im Laufe der Zeit mit Zinsen zur\u00fcckzahlen.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Verk\u00e4uferdarlehen werden durch einen Darlehensvertrag dokumentiert, in dem der Kapitalbetrag, der Zinssatz, der Tilgungsplan sowie die Ausfallereignisse festgelegt sind, die es dem Verk\u00e4ufer erm\u00f6glichen, die R\u00fcckzahlung vorzeitig zu verlangen. Sie k\u00f6nnen besichert (durch eine Schuldverschreibung oder ein anderes Sicherungsrecht) oder unbesichert sein. Sie k\u00f6nnen auch als wandelbare Wertpapiere strukturiert sein, was es dem Verk\u00e4ufer erm\u00f6glicht, den ausstehenden Saldo unter bestimmten Bedingungen in Eigenkapital des K\u00e4ufers umzuwandeln.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ein zentraler praktischer Aspekt ist die Nachrangigkeit. Hat der K\u00e4ufer zur Finanzierung des Erwerbs vorrangige Fremdmittel von einer Bank aufgenommen, wird die Bank fast ausnahmslos verlangen, dass die Darlehensurkunde des Verk\u00e4ufers gegen\u00fcber den Bankverbindlichkeiten nachrangig ist \u2013 was bedeutet, dass der Verk\u00e4ufer erst dann ausgezahlt wird, wenn die Bank vollst\u00e4ndig bedient wurde. Dies mindert den Sicherungswert der Darlehensurkunde erheblich. Verk\u00e4ufer sollten pr\u00fcfen, ob neben der Schuldverschreibung zus\u00e4tzliche Sicherheiten (wie beispielsweise eine Aktienverpf\u00e4ndung oder eine Grundschuld) zur Verf\u00fcgung stehen.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Frage: Was passiert, wenn eine Earn-out-Zahlung angefochten wird?<\/strong>\u00a0<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Earn-out disputes are among the most common and most bitterly contested post-completion disputes in <a href=\"https:\/\/rfblegal.co.uk\/de\/dienstleistungen\/wirtschaftsrecht\/unternehmen\/fusionen-und-umstrukturierungen\/\">M&amp;A<\/a>. They typically arise in one of three ways:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Accounting policy disputes \u2014 the parties disagree on how the earn-out metrics (usually revenue,\u00a0EBITDA\u00a0or profit) should be calculated, often because the SPA did not define the applicable accounting policies with sufficient <a href=\"https:\/\/rfblegal.co.uk\/de\/einblicke\/restrictive-covenants-why-precision-matters\/\">precision<\/a>.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Management conduct disputes \u2014 the seller alleges that the buyer has managed the business in a way that artificially depressed the earn-out metrics \u2014 for example, by charging excessive management fees, diverting revenues to other group companies, or\u00a0failing to maintain\u00a0adequate <a href=\"https:\/\/rfblegal.co.uk\/de\/einblicke\/meme-marketing-social-media-manager-sollten-sich-vor-rechtlichen-fallstricken-huten\/\">marketing<\/a> spend.\u00a0<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Integrationsprobleme \u2013 Die Integration des Zielunternehmens in den Konzern des K\u00e4ufers nach der \u00dcbernahme erschwert oder verunm\u00f6glicht die Ermittlung der eigenst\u00e4ndigen Leistung des Zielunternehmens, wie sie im Rahmen der Earn-out-Regelung vorgesehen ist.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Vorbeugen ist besser als heilen. Die Earn-out-Bestimmungen im Kaufvertrag sollten die Kennzahlen genau definieren, die anzuwendenden Rechnungslegungsgrunds\u00e4tze festlegen, dem K\u00e4ufer die Verpflichtung auferlegen, das Unternehmen so zu f\u00fchren, dass eine angemessene Chance auf Erreichen des Earn-outs besteht, und Einschr\u00e4nkungen hinsichtlich der M\u00f6glichkeit des K\u00e4ufers vorsehen, \u00c4nderungen vorzunehmen (wie z. B. die \u00c4nderung von Rechnungslegungsgrunds\u00e4tzen, die Umleitung von Gesch\u00e4ften oder die k\u00fcnstliche Erh\u00f6hung von Kosten), die den Earn-out schm\u00e4lern w\u00fcrden.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Where a dispute has already arisen, the SPA should&nbsp;contain&nbsp;an expert determination provision under which an independent accountant is appointed to resolve disputes <a href=\"https:\/\/rfblegal.co.uk\/de\/uber-uns\/\">about<\/a> the earn-out calculation. This is faster and cheaper than <a href=\"https:\/\/rfblegal.co.uk\/de\/tag\/litigation-team-br\/\">litigation<\/a>, though it does not address allegations of deliberate manipulation by the buyer.&nbsp;<\/p>","protected":false},"author":12,"featured_media":8953,"parent":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[65],"tags":[87],"class_list":["post-8952","insight","type-insight","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate","tag-richmond-office"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Q. What is deferred consideration in a share sale? Deferred consideration is any element of the purchase price that is not paid in full on the day of completion. 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Deferred consideration is any element of the purchase price that is not paid in full on the day of completion. It arises in a variety of deal structures and for a variety of reasons. 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Deferred consideration is any element of the purchase price that is not paid in full on the day of completion. It arises in a variety of deal structures and for a variety of reasons. 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