Quick Take: More clarity—or more confusion—on what the European Central Bank, acting in its Single Supervisory Mechanism capacity (the ECB-SSM), expects?
Germany has notoriously broad voidability laws. As a rule of thumb, any payment by a third party has high voidability risks if the third party has no obligation to make the payment under the contract.
Heuking Kuehn Lueer Wojtek PartGmbB
A severance payment awarded by dissolution proceedings may either be an insolvency claim or insolvency asset liability. The time the dissolution petition was made is decisive.
Kirkland & Ellis International LLP
The current market has been very quiet for the past couple of years, which is mainly due to the large supply of liquidity by the European Central Bank's corporate sector purchase program
The departure of the United Kingdom from the European Union, in particular in the case of a "hard Brexit" in which there is no continued bilateral application of EU law, will have many consequences within the EU.
In some areas, the 2017 insolvency challenge reform provided creditors with better protection against insolvency challenges by insolvency administrators.
Durch die Anfechtungsreform des Jahres 2017 sind Gläubiger in Teilbereichen besser gegen Insolvenzanfechtungen von Insolvenzverwaltern geschützt worden.
Recently the German legislature passed a new law, exempting extraordinary profits created by the waiver of claims under restructurings from income tax liability.
Parties to an insolvency proceeding are regularly the insolvency debtor, the insolvency court, the insolvency administrator ...
Die Beteiligten eines Insolvenzverfahrens sind regelmäßig der Insolvenzschuldner, das Insolvenzgericht, der Insolvenzverwalter ...
In a landmark decision, Düsseldorf Higher Regional Court clarified that general managers cannot rely on their D&O insurance cover in the event of claims for repayment by an insolvency administrator under Section 64 German Act on Limited Liability Companies (Case I-4 U 93/16).
Im deutschen Vertragsrecht gilt das Prinzip der Vertragstreue (pacta sunt servanda), welches die Verpflichtung zur Erfüllung von Verträgen zum Gegenstand hat.
Within German contract law, the principle of being bound by a contract (pacta sunt servanda), i.e. the obligation to fulfill agreements, applies.
The rules on set-off under certain circumstances allow to „settle" a claim with a counterclaim and, thus, to avoid making back and forth payments.
Shearman & Sterling LLP
In many financial restructurings to date market participants had relied on the operation of the 2003 Circular...
Finally, section 143 of the Insolvency Code was amended to provide that interest accrues on a monetary avoidance judgment only after
The decision left open whether a contractually agreed-upon early termination right violates section 104.
Reed Smith (Worldwide)
On 16 December 2016 an act amending the insolvency laws applicable to financial derivatives transactions passed the Bundesrat (the second chamber of the German legislature).
Shearman & Sterling LLP
On 9 June 2016, the German Civil Supreme Court (Bundesgerichtshof) decided that close-out netting provisions contained in German law-governed framework agreements for financial derivative transactions.
In this White Paper we have summarized the basic principles and legal consequences of several challenge rights.