Worum geht es?

Das derzeit in der Begutachtungsphase befindliche Restrukturierungs- und Insolvenz Richtlinie-Umsetzungsgesetz (RIRL-UG) soll, wie auch der Name schon andeutet, die EU-Richtlinie über Restrukturierung und Insolvenz (kurz zumeist nur Restrukturierungsrichtlinie genannt) in Österreich umsetzen.

Kernelement der Restrukturierungsrichtlinie und damit auch des geplanten Umsetzungsgesetzes, das Restrukturierungsordnung (ReO) heißen soll, ist eine dem Insolvenzverfahren vorgelagerte präventive Restrukturierung.

Summary

The regulations governing personal insolvency in Austria will change on 1 November 2017. Whilst generally the regulations remain somewhat the same, some key debtor-friendly amendments have been effected.

The changes primarily concern mandatory quotas as well as the duration of the proceedings.

The following is an outline of the ‘new’ Austrian insolvency proceedings for natural persons.

Phase one – payment schedule

Summary

A recent ruling from the Austrian Supreme Court concerning the liability of auditors in damages for providing an unqualified opinion on an insolvent debtor.

Legal Background

Pursuant to sec. 275 para 2 of the Austrian Commercial Code auditors are liable for damages caused by negligent (or intentional) violation of their duty to perform audits impartially and diligently. The liability is capped at EUR 2 mill. for audit of smaller companies.

Facts of the Case

Background

Creditors of an insolvent entity file their claims against the entity with the insolvency administrator (Germany) or insolvency court (Austria). If a claim is accepted, it is registered in the insolvency table as an accepted claim and the creditor is listed as an insolvency creditor in the insolvency proceedings.