On 4 March 2024, Mr Justice Richards of the English High Court delivered a judgment (the Judgment) in relation to the sanction of the restructuring plan under Part 26A of the Companies Act 2006 (the Plan) of Project Lietzenburger Straße HoldCo S.à r.l. (the Plan Company). The Judgment required that a new creditors’ meeting of the Plan Company’s senior creditors be convened to vote on an amended Plan.
Germany’s planned Stabilization and Restructuring Framework (Stabilisierungs- und Restrukturierungsrahmen) is essentially an independent, out-of-court tool to implement a restructuring process by means of a restructuring plan in order to avert insolvency proceedings. The debtor and supporting creditors can rely on certain procedural assistance in order to implement and enforce a restructuring plan with their majority despite resistance on the part of individual stakeholders.
On 23 March 2020, the German Federal Cabinet adopted further urgent measures to mitigate the economic consequences of the COVID-19 pandemic. The package of measures includes an emergency aid programme for micro-enterprises, self-employed persons and freelancers of up to EUR 50 billion and an economic stabilisation fund of EUR 600 billion as well as a Law to mitigate the consequences of the COVID-19 pandemic in civil law, insolvency law and criminal proceedings.
INSOL Europe attended the 52nd session of Working Group V (Insolvency law) held in Vienna from 18 to 22 December 2018 in its capacity as an invited international non-governmental organisation (NGO) with observer status. Other observers included, inter alia, World Bank, European Investment Bank, European Banking Federation, the American Bar Association, the International Bar Association, INSOL International, International Insolvency Institute, European Law Institute.
Germany's major legal reform aiming to facilitate group insolvencies comes into effect on April 21, 2018 (full German text). The new law allows insolvency proceedings over companies within a corporate group to be concentrated at a single German insolvency court and/or to be administered by one insolvency administrator.
The German Parliament passed an act to reduce the risk of clawback actions and provide more legal certainty in this regard under German law, the so called "Act for the Improvement of Legal Certainty concerning Clawback pursuant to the German Insolvency Code and the Creditor's Avoidance of Transfers Act" (Gesetz zur Verbesserung der Rechtssicherheit bei Anfechtungen nach der Insolvenzordnung und dem Anfechtungsgesetz) on Thursday, 16 February 2017.