Germany is experiencing a severe energy crisis due to the Ukraine conflict and its effect on the supply of natural gas. Energy intensive companies have seen a dramatic increase in energy costs, irrecoverable from consumers, causing grave financial distress in various German industries. As a result, the German government plans to modify the German Insolvency Code (InsO) on a temporary basis.
Background
The High Court of Australia’s decision in Wells Fargo Trust Company, National Association (as Owner Trustee) & Anor v VB Leaseco Pty Ltd (Administrators Appointed) & Ors (the “Willis” case).
On Wednesday, 16 March 2022, the High Court of Australia handed down its decision in the Willis case.
In 2021, the German legislator changed the rules of conduct by inserting a further section into the German Insolvency Code (InsO).
Background
Background
Following our previous alert here on Justice Middleton’s decision in Wells Fargo Trust Company, National Association (trustee) v VB Leaseco Pty Ltd (Administrators Appointed),[1] the administra
On 14 May 2015, Australia acceded to the Convention on International Interests in Mobile Equipment (“Cape Town Convention”) and the Protocol to the Cape Town Convention (“Cape Town Protocol”). In particular, for insolvency related proceedings, Australia adopted what is known as “Alternative A” in aviation industry speak. The Cape Town Convention became effective as Australian law on 1 September 2015 and applies to the relevant aviation leasing and financing transitions entered into after that date.
Where the law to mitigate the consequences of the COVID-19 pandemic in civil, insolvency and criminal proceedings (COVInsAG) is concerned, the German Parliament has introduced rules regarding the suspension of a managing director’s obligation to file for insolvency. It has also issued important statements regarding the liability of managing directors and the legal position of new loans, especially shareholder loans.
In the event that the obligation to file for insolvency is suspended: