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German D&O insurers avoid coverage of directors' liabilities in insolvencies
2023-03-16

Under German law, company directors have a statutory duty to file for insolvency once the company has become insolvent or over-indebted. Company directors can be held personally liable for any payments they make after that point of time unless they prove that they exercised reasonable care, skill and diligence. After the German Federal Court of Justice (Bundesgerichtshof) clarified that standard terms and conditions of German D&O insurance contracts cover this directors’ liability, many D&O insurers have tried to find new ways to avoid their coverage.

Filed under:
Germany, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Taylor Wessing, Insolvency, Federal Court of Justice
Authors:
Leopold Bauer
Location:
Germany
Firm:
Taylor Wessing
View Original Article
German D&O insurers avoid coverage of directors' liabilities in insolvencies
2023-03-16

Under German law, company directors have a statutory duty to file for insolvency once the company has become insolvent or over-indebted. Company directors can be held personally liable for any payments they make after that point of time unless they prove that they exercised reasonable care, skill and diligence. After the German Federal Court of Justice (Bundesgerichtshof) clarified that standard terms and conditions of German D&O insurance contracts cover this directors’ liability, many D&O insurers have tried to find new ways to avoid their coverage.

Filed under:
Germany, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Taylor Wessing, Insolvency, Federal Court of Justice
Authors:
Leopold Bauer
Location:
Germany
Firm:
Taylor Wessing
View Original Article
German D&O insurers avoid coverage of directors' liabilities in insolvencies
2023-03-16

Under German law, company directors have a statutory duty to file for insolvency once the company has become insolvent or over-indebted. Company directors can be held personally liable for any payments they make after that point of time unless they prove that they exercised reasonable care, skill and diligence. After the German Federal Court of Justice (Bundesgerichtshof) clarified that standard terms and conditions of German D&O insurance contracts cover this directors’ liability, many D&O insurers have tried to find new ways to avoid their coverage.

Filed under:
Germany, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Taylor Wessing, Insolvency, Federal Court of Justice
Authors:
Leopold Bauer
Location:
Germany
Firm:
Taylor Wessing
View Original Article
German D&O insurers avoid coverage of directors' liabilities in insolvencies
2023-03-16

Under German law, company directors have a statutory duty to file for insolvency once the company has become insolvent or over-indebted. Company directors can be held personally liable for any payments they make after that point of time unless they prove that they exercised reasonable care, skill and diligence. After the German Federal Court of Justice (Bundesgerichtshof) clarified that standard terms and conditions of German D&O insurance contracts cover this directors’ liability, many D&O insurers have tried to find new ways to avoid their coverage.

Filed under:
Germany, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Taylor Wessing, Insolvency, Federal Court of Justice
Authors:
Leopold Bauer
Location:
Germany
Firm:
Taylor Wessing
View Original Article
German D&O insurers avoid coverage of directors' liabilities in insolvencies
2023-03-16

Under German law, company directors have a statutory duty to file for insolvency once the company has become insolvent or over-indebted. Company directors can be held personally liable for any payments they make after that point of time unless they prove that they exercised reasonable care, skill and diligence. After the German Federal Court of Justice (Bundesgerichtshof) clarified that standard terms and conditions of German D&O insurance contracts cover this directors’ liability, many D&O insurers have tried to find new ways to avoid their coverage.

Filed under:
Germany, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Taylor Wessing, Insolvency, Federal Court of Justice
Authors:
Leopold Bauer
Location:
Germany
Firm:
Taylor Wessing
View Original Article
German D&O insurers avoid coverage of directors' liabilities in insolvencies
2023-03-16

Under German law, company directors have a statutory duty to file for insolvency once the company has become insolvent or over-indebted. Company directors can be held personally liable for any payments they make after that point of time unless they prove that they exercised reasonable care, skill and diligence. After the German Federal Court of Justice (Bundesgerichtshof) clarified that standard terms and conditions of German D&O insurance contracts cover this directors’ liability, many D&O insurers have tried to find new ways to avoid their coverage.

Filed under:
Germany, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Taylor Wessing, Insolvency, Federal Court of Justice
Authors:
Leopold Bauer
Location:
Germany
Firm:
Taylor Wessing
View Original Article
German D&O insurers avoid coverage of directors' liabilities in insolvencies
2023-03-16

Under German law, company directors have a statutory duty to file for insolvency once the company has become insolvent or over-indebted. Company directors can be held personally liable for any payments they make after that point of time unless they prove that they exercised reasonable care, skill and diligence. After the German Federal Court of Justice (Bundesgerichtshof) clarified that standard terms and conditions of German D&O insurance contracts cover this directors’ liability, many D&O insurers have tried to find new ways to avoid their coverage.

Filed under:
Germany, Company & Commercial, Insolvency & Restructuring, Insurance, Litigation, Taylor Wessing, Insolvency, Federal Court of Justice
Authors:
Leopold Bauer
Location:
Germany
Firm:
Taylor Wessing
View Original Article
New clarity for German insolvency proceedings - No extended realization rights
2023-02-20

In its decision of October 27, 2022 (IX ZR 145/21), the German Federal Court of Justice (BGH) ruled on a long-running dispute under German insolvency law. In its decision, the Court assumed that the insolvency administrator's right of realization under section 166 German Insolvency Code (InsO) does not extend to other rights.

Filed under:
Germany, Insolvency & Restructuring, Litigation, Hogan Lovells, Insolvency, Federal Court of Justice
Authors:
Christine Borries
Location:
Germany
Firm:
Hogan Lovells
View Original Article
Wirecard shareholder claims for damages rank behind all creditor claims in landmark insolvency ruling
2022-12-08

Shareholders are among the many who have lost money in the multi-billion euro insolvency of the former DAX30 payment provider Wirecard and its allegedly fraudulent business practices. Wirecard had to file for insolvency after assets worth €1.9bn could not be found. Collectively, the shareholders claimed around €7bn in damages for intentional capital markets law violations by former Wirecard executives. Unsurprisingly, the shareholders are now trying to minimise their losses and secure at least partial payment on their claims from the insolvency estate.

Filed under:
Germany, Company & Commercial, Insolvency & Restructuring, Litigation, Freshfields Bruckhaus Deringer LLP, Insolvency, Federal Court of Justice
Location:
Germany
Firm:
Freshfields Bruckhaus Deringer LLP
View Original Article
Germany: In reaction to the energy crisis - Further relief from the obligation to file for insolvency
2022-10-26

In brief

Filed under:
Germany, Insolvency & Restructuring, Baker McKenzie, Coronavirus, Insolvency, Federal Court of Justice
Authors:
Joachim Ponseck , Artur Swierczok
Location:
Germany
Firm:
Baker McKenzie
View Original Article

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