In a significant ruling having widespread ramifications, the Hon’ble Supreme Court (Court) on 14 August 2018 pronounced its judgment in the case of State of Bank of India v V. Ramakrishnan & Anr (Civil Appeal No. 3595 of 2018). The Court held that the period of moratorium under Section 14 of the Insolvency and Bankruptcy Code, 2016 (Code) would not apply to the personal guarantors of a corporate debtor. Factual Background |
In view of the impending Solvency II Directive (Directive 2009/138/EC), which will be fully applied as of 1 January 2016, and the considerable changes associated with the directive, the (German) insurance landscape will not remain in its current state.
As a consequence of a recent amendment to the German insurance regulatory law, which entered into effect on 2 January 2014, infringements of certain compliance provisions applicable to insurance companies in Germany can constitute a criminal offence.