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 centerpiece of the SanInsFoG is the Act on the Stabilization- and Restructuring Framework for Companies ("StaRUG"). Apart from that, the legislator has also used the SanInsFoG to adopt amendments, among others, to the Insolvency Code and the COVID-19 Insolvency Suspension Act ("COVInsAG"). Our White Paper focuses on the StaRUG which has, in significant parts, already entered into force on 1 January 2021.
Downloads – White Paper: The new Act on the Stabilization and Restructuring Framework for Companies
Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe - Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.
© Copyright 2020. The Mayer Brown Practices. All rights reserved.
This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.
