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Once again, since spring 2020, the German legislator is adapting fundamental provisions of German insolvency law. Find out here what this is about and what implications the changes have.
Суд тимчасово відсторонив Джуліані від адвокатської діяльності pravda.com.ua - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from pravda.com.ua Daily Mail and Mail on Sunday newspapers.
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A comprehensive change to German insolvency and restructuring law has become effective starting 1 January 2021. The change allows that a company s reorganization is possible without insolvency and includes the majority decision of its creditors.
In its final session in 2020, the German Bundestag passed the so-called Act on the Further Development of Restructuring and Insolvency Law (SanInsFoG), which will be applicable starting 1 January 2021. The law is based, among other things, on an EU directive that requires all member states to allow non-insolvency restructuring. The expected economic dislocations, as a result of the Covid-19 pandemic, have prompted German lawmakers to bring forward this legislative project and also create additional extensive mitigations for the economic consequences of the lockdown for companies.