act legal Deutschlands Dr. Alexander Höpfner wurde als Sachwalter von Transfertex bestellt

Dr. Alexander Höpfner wurde mit Beschluss des Insolvenzgerichts Aschaffenburg vom 20. Mai 2021 in einem Eigenverwaltungsverfahren (Schutzschirmverfahren) zum Sachwalter von Transfertex bestellt

Die Transfertex GmbH & Co. Thermodruck KG produziert seit 1970 mit dem Qualitätsanspruch „Made in Germany“ im Digitaldruck und Tiefdruck umweltfreundliches Transferpapier für die Textilindustrie und beliefert Kunden weltweit. Auf Basis des Transferpapiers werden Kleidung für namhafte Mode-Labels und Sporttrikots, unter anderem auch für Teilnehmer der Fußball Champions- League, aus Polyesterstoffen hergestellt. Durch die Kombination von Digitaldruck und Tiefdruck ist Transfertex als einziger Lieferant in Deutschland in der Lage, bis 1 Mio. Meter Transferpapier in kürzester Zeit zu produzieren. Transfertex beschäftigt aktuell 140 Mitarbeiter.

Die durch die COVID-19 Pandemie ausgelöste Absage und Verschiebung von Sportevents, wie z.B. Olympische Sommerspiele oder Fußball-Europameisterschaft, hat zu einem massiven Einbruch der Trikotverkäufe geführt. Im Segment Bekleidung für Mode-Labels kam es zu gravierenden Umsatzrückgängen aufgrund der durch Lockdown bedingten Schließungen des Textileinzelhandels. Ziel des vom Insolvenzgericht Aschaffenburg gewährten Schutzschirm- und Eigenverwaltungsverfahrens ist die Sicherung der Substanz von Transfertex und die Überbrückung des Lockdowns.

Nach den allein in den vergangenen sechs Monaten bereits erfolgreich abgeschlossenen Eigenverwaltungsverfahren von Baden-Board, Picard, JMT, Hallhuber und Vossloh-Schwabe kann die von den Partnern Dr. Sven Tischendorf, MBA und Dr. Alexander Höpfner geführte erfolgreiche Insolvenz- und Sanierungspraxis von act legal Deutschland mit der Bestellung von Dr. Alexander Höpfner zum Sachwalter von Transfertex die starke Marktstellung von act legal Deutschland in marktbekannten Insolvenzfällen weiter ausbauen.

Dr. Sven Tischendorf, MBA, Dr. Alexander Höpfner und Dr. Felix Melzer stellen Ertragsfähigkeit und Refinanzierung der internationalen Vossloh-Schwabe Gruppe im Rahmen von Eigenverwaltungsverfahren sicher



Die Vossloh-Schwabe Gruppe hat eine mehr als 100-jährige Tradition als einer der weltweit führenden Hersteller und Distributoren von LED-Systemen, Lichtsteuerungssystemen und Lichttechnik-Komponenten mit Tochtergesellschaften in Europa, Asien, Afrika und Ozeanien. Bis Ende 2019 war die Vossloh-Schwabe Gruppe Teil des Panasonic Konzerns und wurde Anfang 2020 an den Private Equity Investor Fidelium Partners veräußert. Mit insgesamt mehr als 1.000 Mitarbeiter hat die Vossloh-Schwabe Gruppe im Geschäftsjahr 2019 einen Umsatz von EUR 160 Mio. erzielt.

Nachdem die Gläubiger am 03. Mai 2021 den von der Eigenverwaltung vorgelegten Insolvenzplänen einstimmig zugestimmt haben, werden die seit Mai 2020 laufenden Eigenverwaltungsverfahren (Schutzschirmverfahren) zeitnah aufgehoben werden können. Die im Zuge der Eigenverwaltungsverfahren durchgeführte Reorganisation umfasste neben der Optimierung der gesamten Produktions- und Vertriebsorganisation auch Teilbetriebsschließungen und Verlagerungen von Betriebsteilen. Durch diese Maßnahmen ist die langfristige Ertragsfähigkeit der gesamten Vossloh-Schwabe Gruppe sichergestellt und der dauerhafte Fortbestand der Arbeitsplätze gesichert.

Fidelium Partners wird die Vossloh-Schwabe Gruppe auch weiterhin als Gesellschafter begleiten und hat im Rahmen der in den Insolvenzplänen durchgeführten Kapitalmaßnahme die Vossloh-Schwabe Gruppe umfangreich finanziell neu ausgestattet. Die Vossloh-Schwabe Gruppe ist damit nicht nur vollständig durchfinanziert, sondern auch operativ wieder voll handlungs- und wettbewerbsfähig.

Nach den allein in den vergangenen sechs Monaten bereits erfolgreich abgeschlossenen Eigenverwaltungsverfahren von Baden-Board, Picard, JMT und Hallhuber kann die Insolvenz- und Sanierungspraxis von act legal Deutschland mit der Vossloh-Schwabe Gruppe einen weiteren Sanierungserfolg in einem der marktbekannten Verfahren in Deutschland verzeichnen.

Eigenverwaltung, Beratung Vossloh-Schwabe Gruppe: act AC Tischendorf: Dr. Sven Tischendorf, MBA (Federführung, Generalbevollmächtigter, CRO), Dr. Alexander Höpfner (Federführung, Generalbevollmächtigter, CIO), Dr. Felix Melzer (Verfahrensabwicklung), Dr. Fabian Laugwitz, MBA, LL.M. (Lieferantenmanagement), Dr. Stephan Schwilden, MBA (Arbeitsrecht), Dr. Nina Honstetter (Arbeitsrecht)

Flaggschiffmandat: TECHNIPLAS übernimmt mit act AC Tischendorf den Geschäftsbetrieb und die wesentlichen Assets der börsennotierten Nanogate Gruppe aus der Insolvenz



Durch notariellen Kaufvertrag vom 7. Mai 2021 übernimmt TECHNIPLAS die wesentlichen Vermögenswerte der Nanogate SE und ihrer insolventen Tochtergesellschaften Nanogate Management Services GmbH, Nanogate NRW GmbH, Nanogate PD Systems GmbH und Nanogate Neunkirchen GmbH im Wege sogenannter „Asset Deals“ (Übertragende Sanierung) sowie die von der Nanogate SE gehaltenen, dem Kerngeschäft zuzurechnenden Beteiligungen an nicht insolventen Tochtergesellschaften (u.a. Nanogate North America LLC, Nanogate heT Engineering GmbH, Nanogate Netherlands B.V., Nanogate Schwäbisch Gmünd GmbH, Nanogate Slovakia s.r.o.) im Wege von sogenannten „Share Deals“.

Der Vollzug der Transaktion steht noch unter verschiedenen Bedingungen.

Nanogate mit Hauptsitz in Göttelborn ist ein führender Technologiekonzern, der designorientierte, multifunktionale Komponenten und Oberflächen vor allem für die Automobil- und Industriebranche produziert. Das Unternehmen verfügt über ein umfangreiches Technologieportfolio und beliefert bedeutende internationale Kunden weltweit (z.B. Airbus, BMW, Daimler, Ford, GM und die VW-Gruppe). Die 22 Gruppenunternehmen sind an zehn Standorten in sieben Ländern aktiv; die Aktien der Nanogate SE werden im Scale Segment der Deutschen Börse Frankfurt gehandelt. Im Jahr 2019 erzielte Nanogate mit rund 1.800 Mitarbeitern einen Umsatz von ca. EUR 243 Mio. Am 22. Juni 2020 beantragte das Management die Insolvenz in Eigenverwaltung gem. § 270b InsO (Schutzschirmverfahren) für die Nanogate SE sowie fünf deutsche Tochtergesellschaften. Alle übrigen Gesellschaften der Gruppe wurden solvent fortgeführt.

TECHNIPLAS ist ein globaler Anbieter von hochentwickelten Kunststoffkomponenten, vorwiegend für den Automobilsektor, aber auch für Industrie-, Konsumgüter-, Medizin- und andere Märkte. Die Unternehmensgruppe wurde 1941 gegründet und generiert heute an zehn Standorten einen Umsatz von rd. USD 500 Mio. Unterstützt wird der nachhaltige Wachstumskurs von den Gesellschaftern H.I.G Capital, Amzak Capital Management und The Jordan Company.

Zum Hintergrund

act legal Deutschland ist Trusted Advisor vieler bekannter Private Equity Fonds und deren Portfoliogesellschaften, insbesondere auch in den Bereichen distressed M&A und Restrukturierung. Zu H.I.G. Capital besteht eine langjährige Verbindung. Für TECHNIPLAS hat act legal Deutschland in der Vergangenheit bereits mehrere Transaktionen betreut. act legal Deutschland war neben der Transaktionsführung in Deutschland auch für die internationale Gesamtsteuerung der rechtlichen Aspekte der Transaktion verantwortlich, wofür es maßgeblich auf zahlreiche andere act legal Büros zurückgreifen konnte.

Anwaltliche Berater TECHNIPLAS

act legal Deutschland – act AC Tischendorf Rechtsanwälte (Gesamtsteuerung, Transaktionsberatung und -dokumentation): Dr. Sven Tischendorf, MBA (M&A, Insolvenzrecht, Arbeitsrecht), Dr. Matthias Müller, MBA (M&A, Corporate, Insolvenzrecht), Dr. Fabian Brocke, LL.M. (Transaktionsdokumentation, Steuerung Due Diligence weltweit), Dr. Stephan Schwilden (Arbeitsrecht; Kartellrecht), Dr. Florian Wäßle (IP / IT), Marcus Columbu (Finance), Dr. Fabian Laugwitz LL.M., MBA (Real Estate), Sarah Landsberg (Corporate, M&A)

act legal Österreich – WMWP (österreichische Transaktionsaspekte): Dr. Martin Wiedenbauer, Mag. Franz Asseg

act legal Slowakei – act MPH (slowakische Transaktionsaspekte): Mgr. Jana Alušíková, Mgr. Zuzana Jahodníková, LL.M., Mgr. et Mgr. Katarína Kasalová

act legal Niederlande – act FORT (niederländische Transaktionsaspekte): Derk van Geel, Terry Steffens, Elias van Kampen

LAWorld – Nexsen Pruet (US-amerikanische Transaktionsaspekte): Todd Davidson, Mark W. Bakker

LAWorld – Nordia (finnische Transaktionsaspekte): Matti Kari, Annamarie Männikkö

LAWorld – Özkan (türkische Transaktionsaspekte): Zeynep Özkan Özeren

Flick Gocke Schaumburg (Steuern und Steuerstruktur): Christian Schatz, Corina Hackbarth, Anne-Catharine Lorek, LL.M.

act AC Tischendorf, Gerloff Liebler und K&L Gates sichern HALLHUBER erfolgreich per Insolvenzplan den Weg aus der Eigenverwaltung in die erfolgreiche Zukunft nach dem Lockdown



Das bekannte deutsche Modeunternehmen Hallhuber GmbH („Hallhuber„) beendet das seit April 2020 laufende Eigenverwaltungsverfahren (Schutzschirmverfahren) erfolgreich durch Insolvenzplan und ist operativ wieder voll handlungs- und wettbewerbsfähig.

Die Gläubiger haben am 11. Mai 2021 dem von der Eigenverwaltung vorgelegten Insolvenzplan einstimmig zugestimmt. Der heutige Tag sichert auch den dauerhaften Fortbestand von ca. 1.100 Arbeitsplätzen und den nachhaltigen Fortbestand eines der bekannten Anlaufpunkte in nahezu allen wesentlichen deutschen Innenstädten.

Hallhuber ist eines der prominentesten deutschen Modeunternehmen mit aktuell 1.100 Mitarbeitern, 380 Stores und Verkaufsflächen in Deutschland, Österreich, Schweiz, Benelux und weiteren europäischen Staaten sowie eigenen Online-Plattformen in Deutschland, Österreich, der Schweiz und Frankreich. Im Geschäftsjahr 2019 hat Hallhuber einen Umsatz von rund EUR 200 Mio. erzielt. Die besondere Herausforderung der vergangenen Monate bestand insbesondere darin, zwei Lockdowns aufgrund der COVID-19 Pandemie betriebswirtschaftlich und rechtlich zu managen. Nachdem Hallhuber aufgrund des gestellten Insolvenzantrages keine Staatshilfen erhalten konnte, hat Hallhuber sich selbst in eine Art „Winterschlaf“ versetzt und damit juristisches Neuland betreten. Hierzu gehört auch die einstimmige Verabschiedung eines sog. Masseunzulänglichkeitsplans gem. § 210a InsO durch die (Altmasse)Gläubiger der die jetzige Perspektive und Betriebsfortführung erst ermöglicht und in dieser Größenordnung wohl einmalig in Deutschland sein dürfte.

Der Erfolg des Eigenverwaltungsverfahrens ist neben dem Mut zur Entscheidung auch einem in Deutschland einmaligen Schulterschluss aller wichtigen Stakeholder von Hallhuber – Finanzierer, Vermieter, Lieferanten, Mitarbeiter und nicht zuletzt auch der fest zu Hallhuber stehenden Kundenbasis geschuldet.  Die bisherigen Hallhuber Finanzierer, Robus Capital sowie CSP, werden Hallhuber auch weiterhin engagiert und dauerhaft begleiten. Auf Basis des einen Kapitalschnitt vorsehenden Insolvenzplans haben die Geschäftsführer von Hallhuber, Rouven Angermann und Torsten Eisenkolb, Geschäftsanteile erworben und sind neue Gesellschafter von Hallhuber.

Eigenverwaltung, Berater Hallhuber: act AC Tischendorf, Dr. Sven Tischendorf, MBA (Federführung, Generalbevollmächtigter, CRO), Dr. Alexander Höpfner (Federführung, Generalbevollmächtigter, CIO), Dr. Felix Melzer (Verfahrensabwicklung), Dr. Tara Kamiyar-Müller (Immobilienrecht), Dr. Matthias Müller, MBA (Transaktionsverhandlung), Dr. Stephan Schwilden, MBA (Arbeitsrecht), Dr. Nina Bogenschütz (Arbeitsrecht), Dr. Fabian Laugwitz, LL.M., MBA (Commercial)

act legal Deutschland erneut als „Top Arbeitgeber 2021 in Insolvenz & Restrukturierung“ ausgezeichnet

„Nur wenige Kanzleien haben so zufriedene Anwälte, und nur wenige kommen auf einen Frauenanteil von 50 Prozent“ – azur Karriere hat uns erneut unter den 100 Top-Arbeitgebern für junge Juristen gerankt.





Mehr dazu auf dem LinkedIn Profil von act legal Deutschland.

Ministry of Justice announces simplified restructuring procedure

In response to act BSWW’s request for legislative actions, the Ministry of Justice has announced that it is working on a simplified restructuring procedure for enterprises.

At the onset of the epidemic, act BSWW asked the Ministry of Justice to suspend the obligation to submit bankruptcy petitions. This solution was included in the Anti-Crisis Shield 2.0. However, it was somewhat different from our recommendations. Last Friday, we received an official response to our legislative suggestions. The Ministry explained why it had not decided to suspend the declaration of bankruptcy upon the creditor’s request in case the debtor’s insolvency is caused by COVID-19. The Ministry believes that the best way to ensure protection against the creditor’s motion for declaration of bankruptcy is the debtor’s submission of a restructuring application. In case of concurrence of the bankruptcy and restructuring petitions, the latter is generally considered to prevail. However, the situation is far from simple here.

Unfortunately, the current restructuring procedure is not adjusted to mass insolvencies that we are witnessing right now. Courts were not keeping pace with demand even before the epidemic, when the number of incoming petitions was usual. The period between the submission of a restructuring application and the opening of proceedings or the creditors’ meeting (aimed at voting on arrangement) was often so long that the company was losing the ability to perform the arrangement and was left with no other option than bankruptcy. If all enterprises suffering from financial difficulties submitted restructuring applications now, courts would get stuck for years. It would be advisable to simplify the regulations, making it possible for courts to open restructuring proceedings almost automatically. Also, the restructuring procedure is expensive and (subject to some exceptions) can be afforded primarily by large enterprises that have sufficient resources to pay the costs. In practice, the enterprise should have over PLN 100,000 assigned for costs alone. Of course, the exact amount depends on the specific circumstances of a given case. The fee of an administrator in remedial proceedings varies from approx. PLN 15,000 (extremely rare in practice) to over PLN 1 million. It is strongly recommended to introduce regulations minimizing those costs. Additionally, preparation of the restructuring application, all appendices and the initial restructuring plan is time-consuming and complicated. The procedure should be streamlined.

In its letter, the Ministry mentioned that it was working on legal amendments to make it possible to conduct restructuring procedures during the state of epidemic and over a limited period after its end, using a simplified procedure. This is very good news. What we need is a simple, quick and comprehensible procedure that would allow businesses to recover from the epidemic-induced crisis. Hopefully, the new regulations will indeed make restructuring procedures much more accessible.

Please feel free to contact us for any questions you might have.

New Insolvency Rules Resulting from the COVID-19 Pandemic

The current unusual situation caused by the COVID-19 pandemic will undoubtedly have substantial consequences for the economy of the Czech Republic. It can be expected that the amount of debts will rise sharply not only on the side of the state, but also on the side of citizens and business entities. Subsequently, many of these debts are not going to be repaid. Therefore, such debts will be claimed before the courts and other competent authorities sooner or later and subsequently enforced (either individually through enforcement proceedings or collectively through insolvency proceedings).

The current emergency may thus lead to the bankruptcy of many entrepreneurs, both in the form of insolvency and in the form of over-indebtedness. In spite of the current extraordinary situation, entrepreneurs are still obliged to file an insolvency petition without undue delay after they have learned of their insolvency or should have learned about it exercising due care. This obligation is also not affected by the fact that the insolvency could have been caused by the current emergency and it could be expected that the debtor will be able to recover from the inability to pay its debts in the near future (the so-called temporary insolvency). This puts many entrepreneurs at considerable risk, as their personal property may also be at stake. Failure to file the insolvency petition creates the liability of these persons (including members of the statutory body) for damages.

On March 31, 2020, the Government of the Czech Republic tried to mitigate the negative consequences of the COVID-19 pandemic on the economic situation of citizens and entrepreneurs by passing a bill (adopting draft legislation) to amend, inter alia, the Insolvency Act and the Act on Private Enforcement Procedure (hereinafter referred to as the „Amendment“). The Czech Republic thus follows the countries such as Germany or Spain which have already adopted certain changes to their enforcement or insolvency regulations.

The most important proposed changes to the Czech insolvency law can be summarized as follows:

1.Limitation of the obligation of entrepreneurs to file debtor insolvency petitions: A new rule is introduced for entrepreneurs not being obliged to file a debtor insolvency petition within the period from the effective date of the Amendment until 6 months from the termination or cancellation of an emergency anti-epidemic measures (but no later than by December 31, 2020). An exception to this rule exists when (i) the insolvency occurred even before an emergency anti-epidemic measure was adopted, or (ii) the insolvency was not mostly caused by the emergency anti-epidemic measure that would make it impossible or substantially difficult for the debtor to fulfil its payment obligations.

2. Limitation of creditor insolvency petitions: Creditor insolvency petitions filed from the effective date of the Amendment till August 31, 2020 will not be taken into account. Thus, there is a legal fiction that no such insolvency petition will have been filed. Therefore, such filing will not even be published in the insolvency register. The purpose of this measure is, inter alia, to prevent the debtor from spending money to defend against a creditor’s insolvency petition. However, the creditors will still be entitled to exercise their civil-law rights (e.g. by offsetting or enforcing a collateral), in court proceedings or out of court. [1] This measure – unlike the limitation of the obligation of entrepreneurs to file debtor’s insolvency petitions – affects all debtors (i.e. not only entrepreneurs) and regardless of why and when the insolvency occurred.

3. Introducing an extraordinary moratorium: The Amendment establishes the rule that a debtor who is an entrepreneur and who has not been in bankruptcy at the date of March 12, 2020 can file a request for a so-called extraordinary moratorium by August 31, 2020. The effect of the moratorium is that: (i) the debtor cannot be declared insolvent for the duration of the moratorium, (ii) the debts required to maintain the debtor’s enterprise that arise after the extraordinary moratorium is introduced can be paid by the debtor during the moratorium preferentially, before previously due liabilities are met and (iii) the time limits for exercising rights against the debtor for the duration of the extraordinary moratorium neither commence nor continue to run. The debtor may file a motion for a moratorium order even before the filing of an insolvency petition and the commencement of the insolvency proceedings. In addition, unlike the current „normal“ moratorium, the proposal for an extraordinary moratorium does not need to be approved by the majority of the debtor’s creditors.

4. Suspension of performance of a reorganization plan: A debtor whose reorganization plan has been legitimately (finally) approved as of March 12, 2020 at the latest is entitled to propose to the insolvency court to state that the debtor is entitled to temporarily suspend performance of the reorganization plan (provided that the plan has not yet been fully fulfilled). The performance of the reorganization plan may be interrupted for the period of time during which the obligation of entrepreneurs to file debtor’s insolvency petitions is to be limited (see section 2 above). During the said period, it will not be possible to convert reorganization into bankruptcy (i.e. the liquidating way of the bankruptcy solution). However, the insolvency trustee and the creditor committee must comment on the debtor’s proposal to suspend the reorganization plan.

5. Discontinuation of time limits for relative ineffectiveness of legal acts: During the period of limitation of the obligation of entrepreneurs to file debtor’s insolvency petitions (see section 2 above), time limits for objections to relative ineffectiveness of legal acts should be suspended. By claiming ineffectiveness of a legal act, creditors can defend themselves within the statutory time limit against legal acts of the debtor that jeopardize the payment of their enforceable claim. When the measures described above provide special protection to the debtor, it is equally fair, during the period of such emergency measures, to discontinue the time limits for creditors within which they can defend themselves against the debtor’s prejudicing acts. Nevertheless, it is recommended that creditors should, even during the state of emergency, carefully monitor changes in the structure of their debtors‘ assets (e.g. in the land registry) so that they can effectively defend themselves against any prejudicing disposal of the debtor’s assets.

The Government proposes that the Amendment is to be discussed by both chambers of the Parliament of the Czech Republic in an abbreviated procedure. Therefore, it can be expected that the Amendment may be passed in a few days. However, before the described changes to insolvency law become effective, entrepreneurs still have the obligation (i) to perform the so-called insolvency test and (ii) to file a debtor’s insolvency petition without delay after the defined prerequisites of insolvency are met. Failure to comply with this obligation may have far-reaching consequences not only for the legal entity, but also for the members of its statutory body, consisting mainly in incurring liability for damage caused thereby.

We would like to assure you that we have extensive practical experience with insolvency law, from the point of creditors and debtors (and their statutory bodies). We also continuously monitor the current changes in Czech insolvency law. Please feel free to contact us if you have any questions regarding the above.

At the same time, we are ready to provide you with comprehensive legal advice on imminent or already existing bankruptcy situation (if any) and solutions thereto under insolvency law, including protection against personal liability of members of statutory bodies of legal entities. Such advice can be provided in connection with your (imminent) bankruptcy situation, but also in the case of bankruptcy of your contractual partners (either suppliers or customers). Should you decide to enforce your receivables in a different manner than by insolvency, we will be happy to propose the best solution for you and to provide you with comprehensive legal representation. If you are in danger of bankruptcy as a result of the crisis-related measures of the Government of the Czech Republic, we are ready to provide you with comprehensive legal advice regarding claiming damages towards the state. [2]

At the same time, insolvency can be an opportunity to expand your business activities, for example by buying a debtor’s enterprise. We also have considerable experience with insolvency acquisitions and, therefore, we can provide you with the necessary assistance in this regard.


[1] For out-of-court dispute resolution options at the time of the coronavirus epidemic, see the ŘANDA HAVEL LEGAL newsletter called „Impact of the COVID-19 Epidemic on Dispute Resolution“ that is available here: https://www.randalegal.com/download/files/newsletter_newsletter_praktickprvninformace_vii._engid244236.pdf.

[2] For the possibility of claiming compensation from the State for crisis measures, see the ŘANDA HAVEL LEGAL newsletter on „Recent Developments in the Matter of State Liability for Damage in Connection with Measures in Crisis“ that is available here: https://www.randalegal.com/download/files/newsletter_newseletter_praktickprvninformace_viii.engid244494.pdf.

Further relief for companies affected by COVID-19: Germany adopts suspension of the statutory obligation to file for insolvency!

In order to mitigate the economic impact of the spreading SARS CoV-2 virus („COVID 19 Pandemic“), the German government has introduced a protective shield for companies in crisis, which, in addition to short-time work benefits and tax deferrals, also provides for an unlimited credit line from the Kreditanstalt für Wiederaufbau („KfW“).

As an accompanying measure, the German legislative bodies additionally now adopted a temporary suspension of the obligation to file for insolvency, since due to organizational and administrative reasons stemming from the approval process it cannot be guaranteed that such government aid will reach the affected companies in time. As a direct legal consequence, the management of such companies might be legally obligated to file for insolvency on behalf of the company in the meantime if over-indebtedness or insolvency occurs. This welcome suspension of such obligation will give companies that have fallen into economic difficulties as a result of Covid-19 more time to survive the crisis without necessarily having to file for insolvency.

1.Which companies are exempt?

Prerequisites for the suspension of the obligation to file for insolvency are that  

  • the insolvency or over-indebtedness is caused by the consequences of the COVID 19 pandemic, and
  • there are reasonable prospects of eliminating the existing insolvency.

However, these prerequisites are legally considered to be met if the company concerned had not already been insolvent on 31 December 2019.

2. What does „suspension of the obligation to file for insolvency“ mean exactly?

If these prerequisites are met, the persons normally obligated to file for insolvency pursuant to section 15a of the German Insolvency Code (e.g. the managing directors of a limited liability company) are temporarily not required to do so during the suspension period. If the crisis of the company is not averted even after the end of the suspension period, the regular 3-week period to file for insolvency starts to run again.

3. How long does this suspension apply?

The suspension applies retroactively from 1 March 2020 and for the time being until 30 September 2020 but may be extended by the Federal Government until 31 March 2021.

We will keep you updated!

Article 43 of RD-Law 8/2020, of 17 March, on extraordinary urgent measures to face the economic and social impact of COVID-19

Article 43 of RD-Law 8/2020, of 17 March, on extraordinary urgent measures to face the economic and social impact of COVID-19, modifies the deadlines set by the Spanish Bankruptcy Act to request a declaration of bankruptcy.

Current legislation

Article 5 of the Spanish Bankruptcy Act specifies the debtor (be it a natural or legal person) must file for bankruptcy within two months since becoming aware of the situation. This realization will be deemed to exist when one of the following situations occurs:

  1. The general cessation of obligation-related payments.
  2. Seizures or repossessions that generally affect the debtor’s equity.
  3. Ruinous clearance or asset stripping.
  4. The non-payment, during the last three months, of tax obligations, social security contributions and labor debts.

The consequences of not meeting the obligation to request a bankruptcy declaration within the deadlines set are that, in the event the debtor is finally declared bankrupt, said person can be blamed for the situation. As a result, the members of the board may be banned from exercising these duties again and can be made personally responsible for the company’s debts (whether partially or totally).

Extraordinary regulations

The RD-Law suspends, while the state of alarm is in force, the need to request a declaration of bankruptcy (even if the conditions that make such request compulsory are met). The norm, however, does not clarify if, once the state of alarm is over, a new two-month period is launched in which to submit that request or whether said period needs to be calculated on the basis of the time lapsed until the Royal Decree-Law entered into force.

The new norm, however, does specify that new requests for bankruptcy declarations will not be processed by judges (even if the debtor is insolvent) for as long as the state of alarm lasts plus the two following months. If the debtor requested a voluntary insolvency process after an involuntary process was launched, the voluntary request will be processed first.

The RD-Law does not prevent any voluntary insolvency requests from being filed while the state of alarm is in force but notes that their processing will be suspended for as long as it lasts.

If the debtor was already in the first stages of an insolvency situation (article 5 bis of the Spanish Bankruptcy Act), the RD-Law suspends, while the state of alarm is in force, the obligation to request a declaration of bankruptcy if, within the four-month period specified by the Bankruptcy Act, no agreement is reached or the number of necessary endorsements has not been obtained to process an early agreement proposal.

Act to mitigate the consequences of the COVID-19 pandemic

The German Bundestag today unanimously adopted the act to mitigate the consequences of the COVID-19 pandemic in civil, insolvency and criminal proceedings in expedited legislative action. With this, the extensive protective measures for companies and private individuals, which the Federal Government already recommended on Monday, will enter into force soon. The law now only has to be approved by the Bundesrat and executed by the Federal President, which is generally regarded as a formality.

If you want to know more about the detailed contents of the passed legislation make sure to check out our detailed reports.

Insolvency: https://blog.actlegal.com/the-planned-changes-by-the-act-to-mitigate-the-consequences-of-the-covid-19-pandemic-in-insolvency-law/

Corporate: https://blog.actlegal.com/the-planned-innovations-in-company-law-resulting-from-the-act-to-mitigate-the-consequences-of-the-covid-19-pandemic/

Commercial/Supply Chain: http://blog.actlegal.com/rights-to-refuse-performance-for-debtors-in-the-corona-crisis-planned-creditors-can-take-countermeasures/

Banking/Finance: http://blog.actlegal.com/corona-crisis-special-features-of-lending-law-from-the-banks-perspective/