The Scheme of Arrangement under secs. 425-427A of the Companies Act 1985 represents an extremely flexible and practically popular tool for restructuring both shareholder and creditor rights in English company law. It allows for the reorganization of both equity and debt sides of a company under court supervision, particularly facilitating restructurings and reorganizations such as takeovers, squeeze-outs, mergers, and demergers. The report submitted by the government commission on Corporate Governance in 2001 refrained from recommending its adoption into German law due to the lack of comprehensive treatment in German literature and called for a detailed analysis and comparison with relevant German institutions. The author presents this previously missing work for the restructuring of shareholder rights and develops proposals for the further development of German law.