Zugleich: Besprechung des Urteils des OLG Hamm vom 6. April 2022, 8 U 73/12
In seinem Urteil vom 6. April 2022 hat das OLG Hamm darauf erkannt, dass sechs frühere Aufsichtsratsmitglieder der 2009 insolventen Arcandor AG, ehemals Holding des Karstadt-Konzerns, der Insolvenzmasse der Arcandor AG auf rund 53,6 Mio. Euro Schadenersatz haften.
Urteilstatbestand
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.
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 scheme offers a credible implementation alternative, but no “one size fits all” solution exists for German credits.
German credits in sectors such as real estate, automotive, and energy face a worsening macro backdrop. At the same time, the available toolkit for financial restructurings has expanded, offering multiple options without the need for recourse to insolvency proceedings.
The Law on the Temporary Adaption of Restructuring and Insolvency Law Provisions to Mitigate the Consequences of the Crisis (SanInsKG) was published in the German Federal Gazette (Bundesanzeiger) today (8 November 2022) and will become effective in German law tomorrow (9 November 2022), following a very quick legislative process.
Purpose of the SanInsKG
SanInsKG is intended to address the difficulty of companies assessing their solvency in the current economic climate.
In brief
Die fundamentalen Spannungen, die der Ukraine-Krieg in den Energiemärkten verursacht, hinterlassen bereits jetzt tiefe Spuren bei Industrie und Privathaushalten. Vor allem bei besonders energieintensiven Industrien und Betrieben zeichnen sich bereits erste Produktionsdrosselungen, Produktionsstopps und sogar Insolvenzen ab. So haben jüngst Hersteller von energieintensiven Produkten wie Dünger, Kohlensäure und AdBlue die Produktion gedrosselt oder gleich ganz eingestellt. Mit Görtz und Hakle mussten zudem bereits zwei Unternehmen wegen steigender Energiekosten Insolvenz anmelden.
While the timing of competing English and German insolvency applications in Re Galapagos allowed for clear determination of jurisdiction under the UK Insolvency Regulation, there remains potential uncertainty as to how similar competing applications made following 31 December 2020 will be resolved in the post-Brexit environment.
Background
Following several insolvency cases of high-flying start-up companies, a helpful recent ruling by the Higher Regional Court of Düsseldorf (Oberlandesgericht Düsseldorf) has specified the requirements for going concern forecasts for start-up companies.
Background
On 13 July 2010 the Federal Ministry of Justice and Finance (Bundesministerien für Justiz und Finanzen) published a discussion draft of an Act for the Restructuring and Orderly Liquidation of Credit Institutions, for the Establishment of a Restructuring Fund for Credit Institutions and for the Extension of the Limitation Period of Corporate Law Management Liability (Restructuring Act) (Referentenentwurf eines Gesetzes zur Restrukturierung und geordneten Abwicklung von Kreditinstituten, zur Errichtung eines Restrukturierungsfonds für Kreditinstitute und zur Verlängerung der Verj