A company must apply for insolvency in Germany if it is either illiquid and/or over-indebted. Illiquidity must be confirmed where the debtor is not capable of meeting at least 90 % of all claims with its liquid assets within 3 weeks (section 17 of the German Insolvency Code).
Real estate assets – effect on liquidity
The Court of Appeal in Braunschweig has recently considered whether a debtor was insolvent due to illiquidity where it owned extensive real estate assets.
The Court1 exercised its discretion to sanction a restructuring plan proposed by AGPS BondCo PLC (the Company) (part of the Adler real estate group) to amend indebtedness arising under six series of senior unsecured notes governed by German law, which matured on different dates through to 2029.
In vielen Branchen kann die Lieferkette eine Vielzahl von Unternehmen und Jurisdiktionen umfassen. Im derzeitigen Wirtschaftsklima ist es nicht ungewöhnlich, dass einzelne Lieferanten innerhalb dieser Lieferkette in finanzielle Schwierigkeiten geraten oder ein Insolvenzverfahren beantragen.
In many industries, the supply chain can involve multiple suppliers and jurisdictions. In the current economic climate, it is not unusual for a supplier within the supply chain to encounter financial distress or even to enter into formal insolvency proceedings. This can have a significant impact on a company if its business depends on a distressed supplier and an alternative or additional supplier cannot be found (and production cannot be brought in house) or an alternative sourcing is not possible for other reasons, like part/raw material approval process, testing, customs etc.
Der BGH festigt und erweitert seine Rechtsprechung zum Kleinbeteiligtenprivileg im Kontext der insolvenzrechtlichen Anfechtung nach § 135 Abs. 1 Nr. 2 InsO.
The events in the last few years have had significant and lasting impacts on business in general and restructuring in particular, with the latter referring to the various options available for firms experiencing difficulties. European economies, hit by both the upheavals caused by the health crisis and geopolitical tensions, have also been a
Der Anwalt haftet, wenn er seinen Mandanten fälschlicherweise nicht über die Insolvenzreife aufklärt. Allerdings nur, wenn die Prüfung der Insolvenzreife Gegenstand des Beratungsvertrages geworden ist. Den Gegenstand des Beratungsvertrages muss der Mandant darlegen und beweisen. Die Anforderungen an diese Darlegungs- und Beweislast dürfen jedoch nicht überhöht werden, so der BGH in seinem Beschluss vom 26.01.2023 (Az. III ZR 91/22).
The EU Commission has presented a draft directive on the mandatory inclusion of a "pre-pack proceeding" in national insolvency laws.
On 7 December 2022, the European Commission published a draft directive harmonising certain aspects of insolvency law with the aim of facilitating distressed M&A by reducing legal uncertainties in cross-border transactions.
The lack of harmonised insolvency laws has long been regarded as one of the greatest obstacles to the free movement of capital in the EU in general and to cross-border investments, insolvency proceedings and restructuring in particular.
Die Entscheidung des BGH zur Wirksamkeit insolvenzabhängiger Lösungsklauseln könnte der Grundstein einer neuen Linie in der Rechtsprechung werden.