In a decision of 9 June 2016, the German Federal Court of Justice (Bundesgerichtshof, "BGH") has ruled that the determination of the close-out amount in a netting provision based on the German Master Agreement for Financial Derivatives Transactions (Rahmenvertrag für Finanztermingeschäfte or DRV) is not legally effective in the event of insolvency to the extent that it deviates from section 104 of the German Insolvency Code.
A German insolvency administrator represented by Taylor Wessing claims back fees amounting to € 4.5 million from a leading German law firm paid by the insolvent company for restructuring advice. The claim is based on German rescission law.
This post addresses the question of how retention of title (“ROT”) provisions are effectively agreed to as part of the contractual relationship between a supplier and its German customer under German law.
Banking & Finance Aktuelle Informationen des Geschäftsbereichs Banking & Finance News from the Banking & Finance practice Juli/July 2015 4 | Editorial Fokus 6 | BaFin erlaubt regulierten Fonds die direkte Kreditvergabe 8 | Immer wieder Restrukturierung von Anleihen 10 | Zur Verwertung von mit fremden Marken gekennzeichnetem Sicherungsgut durch den Sicherungsnehmer und der Bedeutung des markenrechtlichen Erschöpfungsgrundsatzes, §24 Abs.
Die Frage der Kompetenzverteilung zwischen dem Vorstand und der Hauptversammlung der AG ist ein Dauerthema des Aktienrechts. Der Autor entwickelt ein eigenes Konzept zur dogmatischen Begründung ungeschriebener Hauptversammlungskompetenzen und untersucht, ob für den Börsenrückzug und die fakultative Insolvenzantragstellung eine Zustimmung der Hauptversammlung erforderlich ist. Der Autor lehnt die Frosta-Entscheidung des BGH ab und vertritt die Ansicht, dass der Börsenrückzug (reguläres Delisting wie auch das Downlisting) wertungsmäßig mit den in § 119 Abs. 1 Nr.
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Dezember / December 2014
A previous post introduced the general concept of ROT provisions as a means to protect suppliers as creditors in the insolvency of their customers. The basic principle of ROT under German law is that the supplier remains the owner of the goods which it has supplied to its customer until the customer has fully paid the purchase price for the goods.
In retrospect, 2012 likely will be remembered as another year of manifold challenges in the Eurozone and of slow consolidation rather than one of fundamental reform or renaissance. However, the policy of Mr. Draghi, the chairman of the European Central Bank, appears to have stabilized the markets and the Euro since last summer, Germany's economy is prospering and the stock markets are almost back to pre-2008 levels. Nonetheless, there are fundamental doubts that the measures taken have a lasting effect and will fundamentally reform the economies in the Eurozone.
In its decision published on March 13, 2013 (dated February 21, 2013 – IX ZR 32/12), the German Federal Court of Justice (BGH or Bundesgerichtshof) made it clear that it will uphold its prevailing case law regarding two questions at hand even though the relevant legal provisions relating to equitable subordination have been moved from the corporate law regime to the insolvency law regime with the 2008 Act to Modernize the Law on Private Limited Companies and Combat Abuses (MoMiG or Gesetz zur Modernisierung des GmbH-Rechts und zur Bekämpfung von Mißbräuchen).