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To print this article, all you need is to be registered or login on Mondaq.com. On 17 December 2020, the German Parliament passed the Act on the Further Development of Restructuring and Insolvency Law ("SanInsFoG"), which is expected to lead to a fundamental change in the restructuring landscape in Germany. The SanInsFoG primarily serves to implement the EU Restructuring Directive of 20 June 2019 (Directive (EU) 2019/1023) and aims at introducing a comprehensive legal framework for out-of-court restructurings in Germany (preventive restructuring framework). The c...

Thursday, January 7, 2021 After its publication in the German Federal Gazette ( Bundesanzeiger) on 29 December 2020, the Law for the Further Development of the Restructuring and Insolvency Laws ( SanInsFoG) came into force in Germany on 1 January 2021. The major part of this new law, the Law on the Stabilisation and Restructuring Framework for Enterprises ( StaRUG), introduces a new framework for restructurings outside of formal insolvency proceedings, implementing EU Directive 2019/1023 of 20 June 2019 on preventive restructuring frameworks. In addition to the new tools, the core o...

To embed, copy and paste the code into your website or blog: Through implementing the EU Restructuring Directive, German restructuring and insolvency law will be modernized, more effective, and enriched by new instruments. On 17 December 2020, the German Bundestag passed the Act on the Further Development of the Restructuring and Insolvency Law (SanInsFoG). The SanInsFoG specifically provides for the implementation of Directive (EU) 2019/1023 on Preventive Restructuring Frameworks (Restructuring Directive) into German law. In addition to the adoption of a Law on the Stabilization and Restruct...