Nach der Implementierung des StaRUG-Verfahrens in 2021 zeichnet sich abermalig die Einführung eines neuen sanierungsrechtlichen Verfahrens ab. Auch wenn der europäische Gesetzgebungsprozess sich noch in einem frühen Stadium befindet, verspricht die bisher angedachte Art und Weise der Umsetzung der gesetzlichen Änderungen sowohl für (potentielle) Schuldner als auch für die übrigen Beteiligten im insolvenznahen Umfeld weitreichende Folgen zu haben.
Der BGH hat mit Entscheidung vom 27. Oktober 2022 (IX ZR 145/21) eine langwährende, insolvenzrechtliche Streitigkeit entschieden. In seiner Entscheidung nahm der BGH an, dass sich das Verwertungsrecht des Insolvenzverwalters nach § 166 InsO nicht auf sonstige Rechte erstreckt. Dies legt einen lange bestehenden und intensiv geführten Streit bei, ob sich das Verwertungsrecht neben beweglichen Sachen im Besitz des Verwalters und abgetretenen Forderungen auch auf sonstige Rechte wie insbesondere verpfändete Gesellschaftsanteile oder abgetretene oder verpfändete IP-Rechte erstreckt.
In its decision of October 27, 2022 (IX ZR 145/21), the German Federal Court of Justice (BGH) ruled on a long-running dispute under German insolvency law. In its decision, the Court assumed that the insolvency administrator's right of realization under section 166 German Insolvency Code (InsO) does not extend to other rights.
Although the IMF recently announced at Davos that it would upgrade its global economic forecasts, with an improvement predicted in the later part of 2023 and into 2024, times remain difficult for many companies and their lenders – and are likely to remain so for a while yet.
On 28 June 2022 the Insolvency Service published a report it had commissioned from RSM UK to assess the impact that CVAs were having on commercial landlords (the “Report”).
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.
Smile Telecoms, which last year implemented the first restructuring plan for a cross-border African business, has now achieved another first by using section 901C(4) of the Companies Act 2006 to exclude all bar one class from voting on its new restructuring plan.
The UK Government yesterday announced that it will proceed with the phasing out of temporary measures introduced to protect businesses from creditor action during the COVID-19 pandemic, whilst also announcing new measures to protect smaller businesses from winding up petitions. The legislation required to implement these amendments was laid before Parliament yesterday and will come into force on 29 September 2021.
National Car Parks' proposed restructuring plan aimed to write-off arrears, cut rents and close unwanted sites but why did the plan stall?
On 30 April 2021, National Car Parks launched its proposed restructuring plan, which is the flagship new restructuring process introduced last June through the Corporate Insolvency and Governance Act 2020. Around a dozen restructuring plans have come to market so far, but the NCP plan was only the second (the first being Virgin Active) to involve landlord creditors.
As reported earlier, a new corporate restructuring law will be enacted in Germany. The new law's centerpiece will be the so-called stabilization and restructuring framework ("SRF"). The German Parliament (the Bundestag) passed the law on 17 December 2020. On 18 December 2020 the law was also accepted by the Federal Council (the Bundesrat). It will come into force on 1 January 2021, already.