In what is likely to be the most significant change to the UK restructuring and insolvency market since the Enterprise Act 2002, the Court has paved the way for restructuring plans (RPs) under Part 26A to the Companies Act 2006 to be used to compromise the rights of landlords, financial creditors and other unsecured creditors provided the company shows that those creditors are “out of the money”.

Self-application

Basic principle

Insolvency Law

The German Federal government is preparing measures to suspend the requirement for companies to file for insolvency in cases where companies are suffering financial losses due to the current COVID-19 crisis. This suspension may apply through 30 September 2020. The German government aims to avoid insolvencies that may occur simply because the state's financial help may not arrive in time.