business law
The StaRUG (the Geman implementation of the EU-Regulation on the “preventive restructuring framework”) has now been in force for three quarters of a year (see here) and the famous German shirtmaker Eterna is the first large and prominent company to undergo restructuring under the new law (see here, in German). Reason enough to take a … more
In my short series on the comprehensive reform of insolvency and restructuring law that came into force at the beginning of 2021 (see most recently here and here), I will in the following turn to early risk and crisis warning mechanisms. In the years since the financial crisis, this topic – at the interface with … more
Even four and a half months after the German “Corporate Stabilisation and Restructuring Act” (“Unternehmensstabilisierungs- und -restrukturierungsgesetz”, “StaRUG”) came into force on 1 January 2021, reports of corresponding proceedings are (still?) limited (but see, for example, a decision by the Cologne District Court here, in German). However, the growing pressure to restructure after the final … more
Everyone is talking about restructuring, so I am too. In my small series of in-depth articles on the SanInsFoG in general and the StaRUG in particular (see already here and here), I will now deal with the aspect of what “depth of reorganisation” the StaRUG actually stipulates (with a small, but important for future case … more
Hey, great that I may still experience this in my life-time! Almost ten years after my “Plädoyer für ein vorinsolvenzliches Sanierungsverfahren” (ZInsO 2011, 57, here, in German) and a good four years after my (rather rhetorical) question “Bedingt Sanierungsbereit?” (ZInsO 2016, 1778, here, in German), the has government (finally) finally presented the draft of the “Act on the Further … more
Since the beginning of January 2024 at the latest, the (insolvency) hammer has been “circling” in Germany: According to Destatis, the number of applications for the opening of regular proceedings (which also include corporate insolvencies) rose by a further 12.3% already in December 2023.
„Plans are nothingplanning is everything“ Dwight D. Eisenhower The current economic situation (here), as well as the sharp rise in the number of corporate insolvencies in recent months (here, in German) prove that the German economy is in crisis mode. Of course, this crisis is not without consequences for individual companies. The following article explains … more
“Just in time” for the upcoming economic crisis (see only here), the German higher courts are expanding the duties of advisors in general and lawyers in particular. After the BGH’ IXth Civil Senate had already tightened the liability of tax advisors with regard to omitted warnings of reasons for insolvency in a judgement from January … more
In a decision from March 2023, the Higher Regional Court (OLG) Nuremberg significantly expanded the scope of duties of managing directors in medium-sized and small GmbHs in particular by requiring the “establishment of a compliance management system” regardless of the size of the company. The following article highlights the implications of this decision. The decision … more
In April 2023, an English court approved the restructuring plan for companies of the Adler Group (here and here, in more detail also here), however, at least one bondholder already filed a lawsuit against this restructuring before the Frankfurt Regional Court in March 2023 (here). Although the outcome of these proceedings is still open, a … more