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Inhalt

I. Brexit what does it involve and when could it happen?............................................................ 3

II. Legal areas affected................................................................................................................... 5

1. Choice of law clauses in existing legal relationships and the law applicable to non-contractual

obligations........................................................................................................................... 5

Cross-border insolvency proceedings involving the UK

The question of which law is applicable to cross-border insolvency proceedings within the EU and which court has jurisdiction over the opening, monitoring or conducting of the insolvency proceedings, is regulated by Council Regulation (EC) No. 1346/2000 on Insolvency Proceedings (Insolvency Regulation) that is directly applicable in all EU member states, with the exception of Denmark.

Der britische Wähler hat gesprochen und sich mit knapper Mehrheit für den Austritt des Vereinigten Königreichs aus dem „Projekt Europa“ entschieden.

Obwohl noch nicht feststeht, wann die Briten Artikel 50 des EU-Vertrags aktivieren werden, lohnt es sich bereits jetzt, über die rechtlichen Konsequenzen eines Austritts nachzudenken. Denn sollte es hierzu kommen, bleibt dieser – gerade im sensitiven Bereich des grenzüberschreitenden Rechtsverkehrs - nicht folgenlos:

1.Mögliche Unwirksamkeit von Gerichtsstandsvereinbarungen zugunsten britischer Gerichte

Mit seinem Urteil vom 10. Dezember 2015, Az. C-594 / 14, hat der EuGH entschieden, dass die Haftung eines Geschäftsführers für verbotene Aus- zahlungen nach Insolvenzreife nach §64 GmbHG eine insolvenzrechtliche Regelung darstellt und deshalb dem Anwendungsbereich der EuInsVO unterliegt.

In its ruling dated 10 December 2015, case ref. C-594 / 14, the ECJ decided that the liability of a managing director for prohibited payments following insolvency under section 64 of the GmbHG is a provision covered by insolvency law and therefore falls within the scope of application of the EU Insolvency Regulation.

The statistics show that over 10,000 English limited companies operate in Germany. The company is registered in the Companies Register in the UK, but has a branch active in Germany, which is registered in German Company registries. On 10 December 2015 the Court of Justice of the European Union (ECJ) decided on the question whether the liability of the director of English registered Kornhaas Montage und Dienstleistung Ltd (‘KMD’), which was subjected to German insolvency proceedings, should be determined by English law or by German law.

The European Court of Justice has held that a director of an English company can be liable for breach of German company law where insolvency proceedings are opened in Germany.

Based on a referral by the German Federal Court of Justice (BGH) the ECJ held that provisions such as § 64 of the German Limited Liability Companies Act (GmbHG) which regulates the personal liability of German GmbH directors in cases of insolvency, can be regarded as an insolvency law rule by virtue of Art. 4 para. 1 European Insolvency Regulation. The provision can therefore be applicable to a UK limited company (having its centre of main interest in Germany) and its director respectively, in accordance with European law: according to Art. 4 para.

Executive Summary The German banking market is on the move. This presents opportunities for foreign investors who would like to enter the German financial market. However, in order to acquire an interest in a German financial institution, i.e. credit or financial services institution, an investor has to comply with a couple of specific regulatory requirements.

Introduction:

The Court of Justice of the European Union has ruled that a provision of German law falls within the scope of Article 4 of the EC Regulation on Insolvency Proceedings, thereby paving the way for a German court to require a director of an English incorporated company to make payments under German law where the company has been placed into insolvency proceedings in Germany.