German Act on the Stabilization and Restructuring Framework for Companies (Gesetz über den Stabilisierungs- und Restrukturierungsrahmen, StaRUG) facilitates restructuring.
A business concept that business partners are also convinced of, despite the threat of insolvency? The German Act on the Stabilization and Restructuring Framework for Enterprises (StaRUG) helps companies to get through the crisis without bankruptcy.
Restructuring Without Insolvency: What is it about?
By judgment of 26 January 2021 (docket number: 3 AZR 878/16, 3 AZR 878/17) the Federal Labour Court (Bundesarbeitsgericht – BAG) has ruled that the acquirer of an insolvent company is only liable for vested entitlements and claims to occupational pension that had been earned after the opening of insolvency proceedings. He is not liable for the pension based on periods before, even if the German Insolvency Protection Fund (PSV) does not fully cover this part of the pension.
Facts / Background:
Over the last 12 months, global markets have been amazingly resilient, indeed even buoyant, aided in large part by governments around Europe and the world providing seemingly unlimited funding and extensive financial stabilisation measures, such as quantitative easing.
This, coupled with protective legislation for companies to prevent insolvency filings and to ensure continued trading – for example, moratoriums, relaxations on insolvency filing obligations and restrictions on creditor actions – has given businesses significant breathing space and prevented widespread failures.
I. Overview and Background
A report about the administrative practice of the German Takeover Panel in the last decade
The exemption from the requirement to launch a mandatory offer based on the restructuring of a target company is the most frequently applied exemption from the mandatory offer procedure in German takeover law. In view of the expected increase of restructuring cases due to the COVID-19 pandemic, it is likely to become even more important.
Rettung durch Restrukturierung im Planverfahren (Restrukturierungsplan & Insolvenzplan)
I. 概要と背景
2021 年 1 月 1 日、わずか数週間の議会審議を経た後、いわゆる「事業再建及び倒産法の更なる発展に関する法律 (SanInsFoG)」によって、ドイツ倒産法に重大な変更が加えられました。また、2019 年 6 月 20 日の指令(EU)第 2019/1023 号により 国内移行が義務付けられた全く新たな倒産前事業再建措置(「企業の安定化及び事業再建のための枠組みに関する法律 (StaRUG)」)に加えて、ドイツの立法者は、COVID-19 パンデミックの影響を受ける企業への圧力を緩和することを目的として、2020 年前半に導入された規則の一部を修正する改正を行いました。
II. 新たな事業再建手続
Entsprechend dem Grundgedanken in Hermann Hesses Ausspruch bedeuten die zahlreichen, durch die COVID-19-Pandemie verursachten Unternehmenskrisen nicht nur ein Ende, sondern bieten auch Chancen.
Der Bundesgerichtshof (BGH) hat mit Urteil vom 18. November 2020 (IV ZR 217/19) entschieden, dass Ansprüche gegen GmbH-Geschäftsführer auf Ersatz von Zahlungen, die nach Insolvenzreife vorgenommen wurden, vom Versicherungsschutz der D&O-Versicherung umfasst sind. Mehrere Oberlandesgerichte hatten dies zuletzt noch anders beurteilt. In der Praxis hatte dies zu einer erheblichen Unsicherheit geführt, nicht zuletzt mit Blick auf die infolge der COVID-19-Pandemie vorübergehend geänderten Insolvenzantragspflichten.
Hintergrund der Entscheidung
The new German stabilizing and out of court restructuring regime came into effect on 1 January 2021. The "Stabilization and Restructuring Framework of Companies Act", known as StaRUG1, heralds a new phase in the German restructuring landscape, introducing a framework of tools including a new restructuring plan, which will enable debtors to restructure and cram down minority creditors outside of German insolvency proceedings for the first time.