1. Background: Temporary Modification of the German Insolvency Regime to avoid COVID-19-related Insolvencies in Germany expires on 30 September 2020
Viele Unternehmen sind pandemiebedingt in der Krise oder sogar in einer akuten Insolvenzgefahr. Die Bundesregierung hat die Insolvenzantragspflicht bereits im Frühjahr 2020 zunächst bis zum 30.09.2020 ausgesetzt. Dies galt für Unternehmen, die aufgrund der COVID-19-Pandemie von der Insolvenz bedroht sind bzw. waren.
Verlängerung der Frist zur Stellung des Insolvenzantrages
Nur bedingt geeignet für die Hotelbranche
Restructurings, especially those involving multiple jurisdictions, are invariably complex matters. This CMS Expert Guide provides an overview of the various restructuring possibilities available in a large number of countries, allowing you to compare how the options are deployed in these jurisdictions.
We intend to update it periodically to reflect important changes as they happen.
If you need more information or have any questions, please do not hesitate to contact us.
Background
Creditors of an insolvent entity file their claims against the entity with the insolvency administrator (Germany) or insolvency court (Austria). If a claim is accepted, it is registered in the insolvency table as an accepted claim and the creditor is listed as an insolvency creditor in the insolvency proceedings.
By order of the Commercial Court of Vienna from 30.11.2015, bankruptcy proceedings were opened against the assets of the food chain Zielpunkt GmbH. With liabilities amounting to approximately 237 million euros, the Zielpunkt insolvency is the biggest of 2015. Zielpunkt has 229 branches in total in Austria and employs 2708 employees. The insolvency administrator is trying to sell as many branches as possible. The acquisition of Zielpunkt branches by competitors, as by the two biggest grocers REWE and Spar, however, raises competition law concerns due to the large market share.
This guide provides a comparative analysis of certain key areas of law and procedure for those involved in or affected by financial distress of a corporation and the trading of distressed debt across Europe.
Our tracker contains an overview of changes made in light of the Covid-19 outbreak which impose restrictions on creditor rights, relax debtor obligations to file for insolvency or concern other insolvency-related issues. As you will appreciate, this is a dynamic situation, and both the measures announced and applicable legal framework will continue to evolve in the coming days, weeks and months
For the benefit of our clients and friends investing in European distressed opportunities, our European Network is sharing some current developments.
Recent Developments
Petroplus, the largest independent refiner and wholesaler of petroleum products in Europe entered into various insolvency proceedings in Switzerland, England and Wales, France, Germany and Belgium on 24-27 January 2012 after the group failed to reach agreement with its creditors to extend the deadline of its loan repayments.