Tuesday, January 26, 2021
A comprehensive change to German insolvency and restructuring law has become effective starting 1 January 2021. The change allows that a company’s reorganization is possible without insolvency and includes the majority decision of its creditors.
In its final session in 2020, the German Bundestag passed the so-called Act on the Further Development of Restructuring and Insolvency Law (SanInsFoG), which will be applicable starting 1 January 2021. The law is based, among other things, on an EU directive that requires all member states to allow non-insolvency restructuring. The expected economic dislocations, as a result of the Covid-19 pandemic, have prompted German lawmakers to bring forward this legislative proj…
Read the full article at: https://www.natlawreview.com/article/german-act-further-development-restructuring-and-insolvency-law-saninsfog
