{"id":4742,"date":"2021-11-15T10:41:38","date_gmt":"2021-11-15T09:41:38","guid":{"rendered":"https:\/\/wayes.de\/?p=4742"},"modified":"2021-11-15T10:41:40","modified_gmt":"2021-11-15T09:41:40","slug":"saninsfog-and-starug","status":"publish","type":"post","link":"https:\/\/wayes.de\/en\/news-en\/saninsfog-and-starug\/","title":{"rendered":"SanInsFoG and StaRUG"},"content":{"rendered":"\n<p>The \u00adCovid 19 pandemic continues to \u00adoccupy \u00adour \u00addaily lives and is leading to the worst \u00adeconomic crisis in \u00adyears. In order to \u00adcounteract\u00ad this, \u00advarious forms of \u00adsupport \u00adand \u00ademergency aid have \u00adbeen \u00adinitiated \u00adby \u00adpoliticians. \u00adNevertheless, \u00adaccording to \u00adcurrent surveys, \u00admany \u00adexperts \u00adexpect \u00adan \u00adincreasing \u00adnumber of \u00adcompany restructurings \u00adand \u00adinsolvencies in the \u00adnear future\u00ad.<br><br>In order to \u00adfurther support \u00adcompanies in the \u00adcurrent \u00adphase and \u00adavert a \u00adpossible \u00adfuture \u00adinsolvency, \u00adthe &#8220;\u00adAct on the Further Development of \u00adRestructuring and \u00adInsolvency Law\u00ad&#8221; (SanInsFoG) \u00adis \u00adcurrently\u00ad being \u00adintroduced. The \u00addraft law \u00adhad its \u00adfirst \u00adreading in the \u00adBundestag \u00adon 18 \u00adNovember 2020 \u00adand will be discussed in \u00adthe Legal Affairs Committee on \u00ad25 \u00adNovember 2020. It is \u00adplanned to \u00adintroduce the law on 1 \u00adJanuary 2021, even though \u00adpoliticians \u00adnow \u00adconsider \u00ad1 April 2021 to be a \u00admore realistic \u00adtarget for parts of the very \u00adcomprehensive \u00adlaw.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>What is the core of the SanInsFoG?<\/strong><\/h4>\n\n\n\n<p>A \u00adkey \u00adfocus is to look at the sustainability of \u00adliabilities. \u00adMany \u00adcompanies that \u00adhave\u00ad received \u00adspecial loans \u00adfrom the \u00addevelopment banks, for example, \u00admay have \u00adto \u00addeal with \u00adrestructuring the \u00adliabilities side in the \u00adnext few \u00adyears \u00adbecause, \u00adcontrary to \u00adexpectations\u00ad, the \u00adbusiness model \u00adafter the \u00adCovid 19 pandemic \u00adcannot enable \u00adfull \u00addebt service capability.<\/p>\n\n\n\n<p>\u00adThere are two core elements to this\u00ad:<\/p>\n\n\n\n<ul><li>The obligation to file for insolvency due to <strong>over-indebtedness <\/strong>is suspended until the end of December 2020 if this results from the Covid 19 pandemic. With the reinstatement of the obligation to file for insolvency on 1 January 2021 &#8211; the obligation to file for insolvency has already been in force again since 1 October 2020 &#8211; there will be an easing of the requirement for the going concern forecast: The liquidity forecast period is to be only twelve months or four months in the case of a decline in sales of > 40% in 2020 due to the Covid 19 pandemic.<br>\u00a0<\/li><li>On the other hand, the <strong>personal liability of <\/strong>managing directors and board members before the onset of insolvency will be significantly tightened. In future, companies must be fully financed for the next 24 months in order to safeguard the interests of the creditors as a whole. If a financing gap is not identified in good time or if restructuring measures subsequently do not take effect as hoped, the managing director will be personally liable. Managing directors must therefore deal with their options for action at an early stage in the event of impending insolvency.<\/li><\/ul>\n\n\n\n<h4 class=\"wp-block-heading\">How \u00admust \u00admanagement \/ the \u00adboard of\u00ad directors \u00adreact in the \u00adfuture\u00ad?<\/h4>\n\n\n\n<p>\u00adOn the \u00adone hand, the \u00adcompany\u00ad&#8217;s executive bodies\u00ad must \u00adensure \u00adthrough-financing as soon as the law becomes \u00adeffective. \u00adTherefore, the \u00adestablishment of \u00ada \u00admeaningful \u00adliquidity planning for \u00adthe \u00adcurrent and the \u00adtwo \u00adfollowing \u00adfinancial years \u00adis \u00adalready \u00adnecessary at the \u00adlatest at this point in time, \u00adas the \u00adnext 24 \u00admonths \u00admust be \u00admonitored on an \u00adongoing basis. \u00adIf this results \u00adin \u00adliquidity gaps \u00addue to \u00adincreasing demand or expiring \u00adfinancing\u00ad, there \u00adis an obligation to find a \u00adsolution in the \u00adinterest of the \u00adcreditors \u00ad \u00adthus \u00adat most equally in \u00adthe \u00adinterest of the \u00adshareholders. \u00adTransparency in the form of \u00ada three-year plan\u00ad, the development of \u00adfinancing solutions \u00adand \u00adcommunication with the \u00adfinanciers \u00adand, if necessary, the \u00adother \u00adcreditors \u00adbecome \u00adessential \u00adand relevant to liability\u00ad.<\/p>\n\n\n\n<p>On the \u00adother hand,\u00ad the SanInsFoG also \u00adbrings with it the new \u00adCorporate Stabilisation and Restructuring Act (StaRUG), which \u00adtransposes the \u00adpreventive \u00adrestructuring framework \u00adrequired by the EU \u00adinto \u00adnational law. \u00adThis \u00adgives \u00adcompanies that \u00adbasically \u00adhave \u00ada \u00adfunctioning \u00adbusiness model \u00ada \u00adnew \u00adinstrument for \u00adrestructuring. Without the stigma of \u00adinsolvency, \u00ada (\u00adbalance sheet\u00ad) \u00adrestructuring \u00adcan \u00adtake place \u00adwithin the \u00adframework of the formation of a majority. In \u00adaddition to the \u00adtermination of \u00adcontractual relationships \u00adand the overruling of \u00adindividual \u00adcreditors \u00adwho are unwilling to restructure, \u00adother \u00admeasures will \u00adalso be \u00adpossible in \u00adfuture that \u00adcan \u00adcurrently only \u00adbe \u00adused \u00adwithin the \u00adframework of \u00adinsolvency proceedings.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The \u00adCovid 19 pandemic continues to \u00adoccupy \u00adour \u00addaily lives and is leading to the worst \u00adeconomic crisis in \u00adyears. In order to \u00adcounteract\u00ad this, \u00advarious forms of \u00adsupport \u00adand \u00ademergency aid have \u00adbeen \u00adinitiated \u00adby \u00adpoliticians. \u00adNevertheless, \u00adaccording to \u00adcurrent surveys, \u00admany \u00adexperts \u00adexpect \u00adan \u00adincreasing \u00adnumber of \u00adcompany restructurings \u00adand \u00adinsolvencies in the [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":2518,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[28,32],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SanInsFoG and StaRUG - WAYES<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wayes.de\/en\/news-en\/saninsfog-and-starug\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SanInsFoG and StaRUG - WAYES\" \/>\n<meta property=\"og:description\" content=\"The \u00adCovid 19 pandemic continues to \u00adoccupy \u00adour \u00addaily lives and is leading to the worst \u00adeconomic crisis in \u00adyears. 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