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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 project and also create additional extensive mitigations for the economic consequences of the lockdown for companies.
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 project and also create additional extensive mitigations for the economic consequences of the lockdown for companies.
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predatory pricing, exclusive dealing, or tying and bundling, even if the company is not
dominant.
Processing
competitively relevant data of third parties (both B2C and B2B data) in a way that appreciably increases market entry barriers (as well as requiring third parties to accept terms and conditions that permit such processing).
Denying or impeding interoperability of products or services or denying
portability of data to hinder competition conduct identified by the German legislature as often leading to lock-in effects that may tend to exclude inter-platform competition.
Not providing third parties with
sufficient information about the services provided or obtained by the company for example regarding usage data, costs, users click patterns, or ranking criteria to the extent this makes it difficult to assess the value of the service in question.
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