The U.S. Court of Appeals for the First Circuit recently ruled in the Puerto Rico bankruptcy case that Fifth Amendment takings claims cannot be discharged or impaired by a bankruptcy plan. As a matter of first impression in that circuit, the Court disagreed with the Ninth Circuit and held that former property owners affected by prepetition takings must be paid in full.

In re Fin. Oversight & Mgmt. Bd., 41 F.4th 29 (1st Cir. 2022)

Aussetzung der Insolvenzantragspflicht, Lockerung der Zahlungsverbote, Einschränkung der Insolvenzanfechtung, Ausschluss der Kündigung von Miet- und Pachtverhältnissen sowie Verbraucherdarlehensverträgen, Moratorium zu Gunsten von Verbrauchern und Kleinstunternehmen betreffend wesentlicher Dauerschuldverhältnisse, weitere Regelungen

Germany has notoriously broad voidability laws. As a rule of thumb, any payment by a third party has high voidability risks if the third party has no obligation to make the payment under the contract. Such payments qualify as incongruent (3 months hardening period, very few further requirements) and often qualify as gratuitous (4 years hardening period, without any further requirements). A recent decision of the German High Court has stirred hope that the Court may give some leeway to cash pool payments by group companies.