On 21 April 2018, new rules regarding the handling of “group” insolvency proceedings of companies in Germany become effective.
The regulations aim at better coordination between separate insolvency proceedings which must be implemented for every company within a group under German insolvency rulings. Up to now, coordination was quite difficult, due to separate responsibilities of different courts and insolvency administrators.
In Germany, securitization SPVs, factoring companies and asset based lenders take security over the leased assets owned by the leasing company by way of a security transfer of title. However, in all cases of a leasing company’s insolvency where the leasing company has still possession of the assets, the owner of the security in the leased assets was in the past not seen as being entitled to realise the value of the assets itself.
Insolvenzgeld – ein wichtiges Instrument zur Sanierung von Unternehmen und Erhalt der Mitarbeitermotivation. Wie ist der rechtliche Rahmen?
In its April 2018 decision, the BGH ruled on the question whether the directors of a company that has been granted debtor in possession status by the respective insolvency court can become personally liable for a breach of a duty of care vis-à-vis the creditors like an insolvency administrator. The underlying legal question was the subject of a controversial academic discussion in the past.
Mit Urteil vom 26. April 2018 (IX ZR 238/17) hat der IX. Zivilsenat des Bundesgerichtshofs (BGH) erstmals die in Literatur und Praxis bisher hochumstrittene Frage entschieden, ob Geschäftsleiter einer eigenverwalteten Gesellschaft bei Verletzung der ihnen obliegenden insolvenzspezifischen Pflichten gegenüber Dritten gemäß §§ 60, 61 InsO analog grundsätzlich persönlich haftbar gemacht werden können. Der BGH hat in seinem Urteil eine solche persönliche Haftung angenommen und damit die Haftung von Geschäftsführern und Vorständen in der Eigenverwaltung verschärft.
Die neue Reform des Insolvenzanfechtungsrecht durch den Gesetzgeber löst einige Rechtsfragen des BAG und BGH zugunsten von Arbeitnehmern.
The second in a series on ‘the perfect restructuring’ in an employment law context, this article examines best practice for handling the kick-off with the works council for a business restructure from a German perspective.
By: Markus Janko
Member Firm: Kliemt.Arbeitsrecht
The third of a series on ‘the perfect restructuring’ in an employment law context, this article provides recommendations from a German perspective for conducting negotiations with the works council to reach a balance of interests agreement prior to and during the conciliation board phase of a restructuring.
By: Markus Janko
Firm: KLIEMT.HR Lawyers
In Germany, the Christian Democratic Union (CDU) and Social Democratic Party (SPD) have agreed to a continuation of the grand coaltion, and a majority in favour of this appears to be forming at grassroots level in the SPD. It is therefore useful to take an initial look at the insolvency law provisions of the Coalition Agreement, given that the potential new government has made it clear that a key objective is unrestricted compliance with the principle of equal treatment of all creditors.
Pre-insolvency restructuring proceedings