A special administration regime for Payment and Electronic Money Institutions (PIs and EMIs) was established in The Payment and Electronic Money Institution Insolvency Regulations 2021 (the Regulations).
A special administration regime for Payment and Electronic Money Institutions (PIs and EMIs) was established in The Payment and Electronic Money Institution Insolvency Regulations 2021 (the Regulations).
On 23 November 2022, the Regional Court of Munich ruled that shareholders' damages claims for breach of capital markets law rank as equity and not as general unsecured claims in the Wirecard insolvency. As a result, the shareholders can only recover from the insolvent estate in the unlikely event that all insolvency creditors' claims are fully satisfied.
The decision
The German Federal Court of Justice (Bundesgerichtshof) recently changed its interpretation of the law regarding clawback claims, Vorsatzanfechtung (case of actio pauliana). Here, we outline how the Court's position on clawback claims has changed and what this could mean for future claims.
What are the existing legal provisions?