Wirecard's insolvency administrator has won a first victory before the Munich I Regional Court. On 5 May, the court declared the annual financial statements for 2017 and 2018, which show balance sheet profits totalling around EUR 600 million, null and void. Dividends of around EUR 47 million were distributed to Wirecard's shareholders from these profits, which probably never existed. As a consequence of the nullity of the annual accounts, the resolutions on the utilisation of the balance sheet profits are also null and void.

Die anhaltenden Auswirkungen der Covid-19-Pandemie auf die Hotelbranche und eine mögliche Restrukturierungsoption

Über zwei Jahre nach Ausbruch der Covid-19-Pandemie sind deren Auswirkungen auf die deutsche Wirtschaft immer noch deutlich spürbar. Insbesondere die Hotelbranche ist von der sogenannten 4. Welle, den derzeitigen Rekordinzidenzen sowie den damit verbundenen staatlich angeordneten Einschränkungen wie 2G (Plus)- bzw. 3G-Regelungen weiterhin stark betroffen.

Das Gesetzgebungsverfahren zum Gesetz zur Fortentwicklung des Sanierungs- und Insolvenzrechts („SanInsFoG“) schreitet in beachtlicher Geschwindigkeit voran. Seit 14. Oktober 2020 liegt der Regierungsentwurf („RegE“) vor. Das Gesetz beinhaltet neben der Einführung des Unternehmensstabilisierungs- und Restrukturierungsgesetzes („StaRUG“) auch einige Änderungen in der Insolvenzordnung. Trotz der teilweise massiven Verschärfung der Geschäftsleiterpflichten durch das SanInsFoG, sieht der RegE auch eine Erleichterung gegenüber der aktuellen Rechtslage vor.

Teilweise Erleichterung für Geschäftsleiter – Haftungsgefahren für Zahlungen bei Insolvenzreife gegenüber der aktuellen BGH-Rechtsprechung vermindert

Since online auctioneer Paddle 8 filed for bankruptcy protection in March, creditors of the company have begun filing their notices of claim in the bankruptcy case. One thing on which the creditors all seem to agree is that the current assets of Paddle 8 will be insufficient to cover its debts by a considerable margin. Paddle 8’s lenders and commercial landlord are by far the largest creditors, and standing out from the crowd will be difficult.

Early last week the online auctioneer Paddle 8 filed for Chapter 11 bankruptcy in the Southern District of New York, on the heels of a recent lawsuit demanding payment for works of art sold at a charitable auction last November.

BEIS has just published the Government's response to its March 2018 consultation on "Insolvency and Corporate Governance" reforms (for our March alert on this, click

Judge Rhodes has approved the plan of adjustment for Detroit to emerge from bankruptcy.  More analysis to come, but most critically for our purposes it affirms the Grand Bargain and the security of the collection of the Detroit Institute of Arts.  We’ll post the full opinion when it’s published, but notably, Nathan Bomey at the Detroit Free Press reported from the courtroom that Judge Rhodes praised the decision not to sell the DIA collection: “Maintaining the art at the DIA is critical to maintaining the feasibility of the city’s plan of adjustment and the city’s future.

Throughout the Detroit bankruptcy and the attendant speculation about what role, if any, the collection at the Detroit Institute of Arts that is owned by the city should play, a parallel parlor game has been to try to guess what Emergency Manager Kevyn Orr’s endgame and motivation really was.  He has dropped hints a

The Supreme Judicial Court of Massachusetts has answered a lingering  question about the interpretation of Massachusetts’s fine art consignment  law, G.L. c. 104A, § 2. Laying to rest any doubts about whether a written  agreement is required at the time of delivery to create a consignment  under the statute, the SJC has interpreted the 2006 amendments to the  law for the first time and clarified the roles of everyone involved.