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    European Commission's proposal for a Directive on the harmonization of certain aspects of Insolvency Law - Pre-Pack Proceedings soon available in Germany?
    2023-01-03

    With its Draft Directive, the EU Commission is paving the way for a harmonization of material insolvency law within the European Union. This newsletter is intended to provide an initial overview of which areas are to be harmonized under the Draft Directive and especially what changes and impact the introduction of "pre-pack proceedings" would cause on the existing German insolvency law.

    1. Key content of the EU Commission's proposal for a directive on the harmonisation of certain aspects of insolvency law

    Filed under:
    European Union, Germany, Insolvency & Restructuring, Baker McKenzie, Due diligence, European Commission, European Court of Justice
    Authors:
    Joachim Ponseck , Artur Swierczok , Tim Kerim Hosgör LL.B.
    Location:
    European Union, Germany
    Firm:
    Baker McKenzie
    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
    European Commission's proposal for a Directive on the harmonization of certain aspects of Insolvency Law - Pre-Pack Proceedings soon available in Germany?
    2023-01-03

    With its Draft Directive, the EU Commission is paving the way for a harmonization of material insolvency law within the European Union. This newsletter is intended to provide an initial overview of which areas are to be harmonized under the Draft Directive and especially what changes and impact the introduction of "pre-pack proceedings" would cause on the existing German insolvency law.

    1. Key content of the EU Commission's proposal for a directive on the harmonisation of certain aspects of insolvency law

    Filed under:
    European Union, Germany, Insolvency & Restructuring, Baker McKenzie, Due diligence, European Commission, European Court of Justice
    Authors:
    Joachim Ponseck , Artur Swierczok , Tim Kerim Hosgör LL.B.
    Location:
    European Union, Germany
    Firm:
    Baker McKenzie
    German Federal Court clarifies an administrator's right of realisation in an insolvency
    2023-04-05

    The German Federal Court (BGH) has confirmed that section 166 of the German Insolvency Code (InsO) does not provide the administrator with a right to use or realise secured assets for the benefit of the insolvency estate other than movable assets or claims assigned by way of security.

    Background

    Under section 166 InsO an insolvency administrator may realise a movable asset in which a right to separate satisfaction exists if it is in the administrator's possession. The same applies to claims assigned by way of security.

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency
    Authors:
    Dr. Josepha Biebl
    Location:
    Germany
    Firm:
    Taylor Wessing
    German Federal Court clarifies an administrator's right of realisation in an insolvency
    2023-04-05

    The German Federal Court (BGH) has confirmed that section 166 of the German Insolvency Code (InsO) does not provide the administrator with a right to use or realise secured assets for the benefit of the insolvency estate other than movable assets or claims assigned by way of security.

    Background

    Under section 166 InsO an insolvency administrator may realise a movable asset in which a right to separate satisfaction exists if it is in the administrator's possession. The same applies to claims assigned by way of security.

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency
    Authors:
    Dr. Josepha Biebl
    Location:
    Germany
    Firm:
    Taylor Wessing
    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
    European Commission's proposal for a Directive on the harmonization of certain aspects of Insolvency Law - Pre-Pack Proceedings soon available in Germany?
    2023-01-03

    With its Draft Directive, the EU Commission is paving the way for a harmonization of material insolvency law within the European Union. This newsletter is intended to provide an initial overview of which areas are to be harmonized under the Draft Directive and especially what changes and impact the introduction of "pre-pack proceedings" would cause on the existing German insolvency law.

    1. Key content of the EU Commission's proposal for a directive on the harmonisation of certain aspects of insolvency law

    Filed under:
    European Union, Germany, Insolvency & Restructuring, Baker McKenzie, Due diligence, European Commission, European Court of Justice
    Authors:
    Joachim Ponseck , Artur Swierczok , Tim Kerim Hosgör LL.B.
    Location:
    European Union, Germany
    Firm:
    Baker McKenzie
    German Federal Court clarifies an administrator's right of realisation in an insolvency
    2023-04-05

    The German Federal Court (BGH) has confirmed that section 166 of the German Insolvency Code (InsO) does not provide the administrator with a right to use or realise secured assets for the benefit of the insolvency estate other than movable assets or claims assigned by way of security.

    Background

    Under section 166 InsO an insolvency administrator may realise a movable asset in which a right to separate satisfaction exists if it is in the administrator's possession. The same applies to claims assigned by way of security.

    Filed under:
    Germany, Insolvency & Restructuring, Litigation, Taylor Wessing, Insolvency
    Authors:
    Dr. Josepha Biebl
    Location:
    Germany
    Firm:
    Taylor Wessing
    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
    European Commission's proposal for a Directive on the harmonization of certain aspects of Insolvency Law - Pre-Pack Proceedings soon available in Germany?
    2023-01-03

    With its Draft Directive, the EU Commission is paving the way for a harmonization of material insolvency law within the European Union. This newsletter is intended to provide an initial overview of which areas are to be harmonized under the Draft Directive and especially what changes and impact the introduction of "pre-pack proceedings" would cause on the existing German insolvency law.

    1. Key content of the EU Commission's proposal for a directive on the harmonisation of certain aspects of insolvency law

    Filed under:
    European Union, Germany, Insolvency & Restructuring, Baker McKenzie, Due diligence, European Commission, European Court of Justice
    Authors:
    Joachim Ponseck , Artur Swierczok , Tim Kerim Hosgör LL.B.
    Location:
    European Union, Germany
    Firm:
    Baker McKenzie

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