Germany: Status quo on insolvency filing obligations and liability of managing directors during the crisis: a spotlight on recent reforms

In brief

German restructuring and insolvency rules have been modified substantially in the recent months. In addition to the introduction of a German version of the English "Scheme of Arrangement" through the new German Restructuring Code, the existing insolvency tests and the liability regime which applies to directors who file for insolvency too late have been changed. Due to the Pandemic, insolvency filing obligations have even been suspended temporarily and under certain conditions and this suspension was prolonged time and again under changing conditions. The status quo is summarized (in German) in this newsletter.


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