Out of the crisis with turnaround management
The study examines the impact of the COVID-19 pandemic on companies of various sizes and industries, with many of them suffering losses in sales and having to take adjustment measures such as short-time working or taking out loans. The online survey aimed to gain insights into the mindset of company managers, particularly with regard to knowledge of legal aspects in insolvency-threatening situations and strategies for a turnaround. The authors plan to publish a detailed script and invite interested parties to contact them if they have any questions or would like to discuss the topic in more detail.
Perpetuo at the BVMW webinar “Managing director liability in times of crisis – the ten most common misconceptions”
On 25.03.2021, the BVMW hosted a webinar on the topic of “Managing director liability in times of crisis”. In the form of an expert interview, Paul Michels, insolvency administrator, lawyer and business graduate from ATN D’AVOINE TEUBLER NEU RECHTSANWÄLTE, and Ralf Venema, restructuring expert and responsible Director Turnaround Management at perpetuo GmbH, […]
Entrepreneurs take note: Clear the way for new ways to restructure companies in crisis – even without insolvency.
The Corporate Stabilization and Restructuring Act (StaRUG), which was passed on the last day of the Bundestag session, comes into force on 01.01.2021. It enables companies to restructure preventively outside of insolvency proceedings and is seen by many as an important measure in the current economic crisis. Despite mixed opinions on its rapid implementation, it offers companies an opportunity for financial restructuring and repositioning by extending the obligation to file for insolvency until the end of January 2021.
Insolvency filing obligation from January 02, 2021: The new old regulation is back.
Company managers must be aware of the personal liability risks in insolvency-threatening situations. From January 2, 2021, normal filing obligations for insolvencies will apply again, and managing directors may be liable for wrong decisions with their private assets. The new StaRUG also offers opportunities to restructure companies in crisis, which is an alternative to the traditional insolvency filing.
Covid-19 and insolvency law from an entrepreneur’s perspective – everything new from January 2021?
The StaRUG, which comes into force in January 2021, offers solvent companies a preventive restructuring framework for restructuring without insolvency proceedings. It supports companies through flexible creditor participation and optional non-publicity, but cannot prevent a wave of insolvencies as it is not applicable in the event of insolvency.
Covid-19 and the wave of insolvencies – new rules apply from October
Since October 1, 2020, insolvent companies have once again had to file for insolvency immediately, while the suspension of the obligation to file for over-indebtedness will continue until the end of 2020. This regulation is intended to regulate ‘zombie companies’ that have only survived due to the coronavirus moratorium. It is important for entrepreneurs to observe the obligation to file for insolvency in order to avoid penalties, whereby insolvency can also serve as an opportunity to restructure and reposition the company.
