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Once again, since spring 2020, the German legislator is adapting fundamental provisions of German insolvency law. Find out here what this is about and what implications the changes have...

To embed, copy and paste the code into your website or blog: 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 t...

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...