Once perceived as a relatively moribund restructuring market, where stressed and distressed borrowers and lenders ended up stuck in interminable refinancing cycles faced with court proceedings that, at least in perception, prioritized local creditor interests, today’s landscape could not be more different.
The manufacturing sector in Germany is currently being hit hard. The reasons are massive increases in material prices and energy costs due to the indirect consequences of the Corona pandemic, disrupted supply chains and the Ukraine war. As a consequence of the economic crisis and insolvency of an important customer, Berner GmbH, based in Osnabrück, decided to continue its restructuring course within the framework of a petition filed on 23.03.2023 with the competent Osnabrück Local Court for the initiation of insolvency proceedings in self -administration.
Das produzierende Gewerbe in Deutschland wird derzeit erheblich in Mitleidenschaft gezogen. Grund sind massive Materialpreis- und Energiekostenerhöhungen aufgrund der mittelbaren Folgen der Corona-Pandemie, gestörten Lieferketten und dem Ukrainekrieg. Als Folge der Wirtschaftskrise sowie der Insolvenz eines bedeutenden Kunden hat sich auch die in Osnabrück ansässige Berner GmbH entschieden, ihren Restrukturierungskurs im Rahmen eines am 23.03.2023 beim zuständigen Amtsgericht in Osnabrück gestellten Antrages auf Einleitung eines Insolvenzverfahrens in Eigenverwaltung fortzusetzen.
Die produzierende Industrie in Deutschland wird derzeit durch massive Materialpreis- und Energiekostenerhöhungen aufgrund der mittelbaren Folgen der Corona-Pandemie, gestörten Lieferketten und dem Ukrainekrieg erheblich in Mitleidenschaft gezogen.
The manufacturing industry in Germany is currently being severely affected by massive increases in material prices and energy costs due to the indirect consequences of the Corona pandemic, disrupted supply chains and the Ukraine war.
On 1 November 2021, the Federal Decree Law No. 35 of 2021 (the "Decree") (amending certain provisions of the Federal Decree Law No.9 of 2016 concerning Bankruptcy (the "UAE Bankruptcy Law")) came into force. The publication of the Decree follows a significant decision relating to directors' duties by the Dubai Court of First Instance in the matter involving the bankruptcy of Marka Holdings PJSC ("Marka") (the "Marka Case").
Overview
On 1 January 2021, the StaRUG, which goes back to an EU directive, came into force and wants to provide a `second chance for businesses. The abbreviation stands for 'Unternehmensstabilisierungs- und –restrukturierungsgesetz' ('Corporate Stabilisation and Restructuring Act').
With this overview, we want to provide you with a high-level overview of the StaRUG on the following main issues: