Andreas Fillmann

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Decision of the German Court Causes Waves For Investors but is Welcomed by Creditors of Insolvent Companies

In September 2023, the insolvency administrator of the insolvent Wirecard AG began reclaiming dividend distributions for 2017 and 2018 from shareholders. This is following a judgment of the Federal Court of Justice (BGH) in March 2023 (BGH judgment of March 30, 2023 – IX ZR 121/22). In that judgment the BGH ruled that in the … Continue Reading

Germany leads the way with proposed legislation regulating crypto-assets safekeeping that will provide insolvency protection

The European Markets in Crypto-Assets Regulation (Regulation (EU) 2023/1114 – MiCA), which entered into force on 29 June 2023, is a significant new regulation that will impact the treatment of cryptocurrencies and digital assets. MiCA requires the European Securities and Markets Authority (ESMA) to develop a series of regulatory technical standards (RTS) and implement technical … Continue Reading

How Will The German Supply Chain Act Affect German Companies?

Businesses around the globe, including those situated in Germany, continue to face difficulties because of disruptions in their supply chain created, in particular, by COVID-19 and the war in Ukraine. To add to that, the new German Supply Act on Corporate Diligence Obligations in Supply Chains (the “Act”) is likely to place further pressure on … Continue Reading

The Concerning Impact of Brexit on OTC-Derivatives

For derivative transactions that are relocated from the United Kingdom to the EEA or newly concluded there, in many cases new master agreements must be concluded between the involved parties. The total volume of European derivatives trading (measured by open gross notional amount) amounted to around €681 trillion at the end of 2019 as announced … Continue Reading

Reflections on COVID-19 – Views From Germany

In a series of blogs, we will be reflecting on how the coronavirus disease 2019 (COVID-19) has affected local economies and businesses considering the impact of lockdown, how businesses have fared during the pandemic, whether support from the government has helped protect against business failure, which sectors have been hardest hit by the pandemic and … Continue Reading

€130 Billion Fiscal Package by the German Federal Government

On 3 June 2020, the German Federal Government announced a €130bn fiscal package to help the German economy to recover from the impact of the COVID-19 pandemic. The aim of the package is in particular to strengthen broad consumption, incentivize private and public investments (particularly in green and digital technologies) and provide a boost to … Continue Reading

German Federal Government Announce Start-Up Financing Program

The German Federal Government has launched a series of assistance packages of measures for business against the consequences of the COVID-19 pandemic. In particular, the German Government is of the opinion that start-ups and young technology companies are particularly important for the German economy. See our alert for further details about the new measures.… Continue Reading

COVID19 Pandemic and the German Federal Government company aid measures

The German Federal Government’s various aid measures for employees, self-employed persons, small, medium and large enterprises are suitable for alleviating personal hardships, reducing the economic costs of insolvencies and plant closures and supporting the economy. In addition, it is important that the German Federal Government will play also a constructive role in overcoming the crisis … Continue Reading

New insolvency regulation in Germany aimed at supporting businesses in distress

On March 23, 2020, the German Federal Government (Bundesregierung) published a draft bill to mitigate the consequences of the COVID-19 in civil, insolvency and criminal procedural law. From an insolvency perspective, the aim of the proposed amendments is to enable and facilitate the continuation of businesses that have become insolvent or are experiencing economic difficulties … Continue Reading

Germany suspends the obligation for companies to file for insolvency

The German Federal Ministry of Justice and Consumer Protection is preparing new legislation suspending the obligation to file for insolvency in order to protect companies that encounter financial difficulties due to the coronavirus crisis (see here). According to section 15a(1) of the German Insolvency Code (Insolenzordnung), managing directors or management board members of legal entities … Continue Reading

Future EU Regulation proposed to address conflicts of law on the assignment of receivables

On 12 March 2018 the European Commission published a proposal for a Regulation to govern the law applicable to the third-party effects of assignments of claims (the “Assignment Regulation”). The proposal of the Assignment Regulation adopted by the European Commission deals with which law applies to determine the effectiveness and perfection of the transfer of … Continue Reading

Validity of bridge loans in pre-insolvency scenarios in Germany

In the context of German restructuring, bridge loans (Überbrückungskredite) are loans that are granted to financially distressed companies until a restructuring plan is formulated in order to avoid the company’s insolvency. In most cases, such loans are granted for a limited timeframe. After the restructuring plan has been finalized, renegotiations are usually required, in particular between the … Continue Reading

ECB Launches Public Consultation on Guidance to Banks on Non-Performing Loans

The European Central Bank (ECB) has launched a public consultation on its guidance to banks on handling non-performing loans (NPLs), which is open until 15 November 2016. The ECB has also published the first stocktake of national supervisory practices and legal frameworks concerning NPLs. The draft NPL guidance to banks, which is available on the ECB … Continue Reading

German Administrator of Maple Bank GmbH seeks Chapter 15 Recognition in US

Maple Bank GmbH (“Maple”) has operated in Frankfurt, Germany since 1994. The bank acted in the business areas of equity and fixed income trading, repos and securities lending, deposits, structured products and institutional sales. Maple has branches in Germany, Netherlands and Canada and subsidiaries in U.S., U.K. and the Cayman islands. It is part of the … Continue Reading

EMIR Mandatory Clearing Will Start On 21 June 2016

The European Union regulation on derivatives, central counterparties and trade repositories (EMIR) introduces new requirements to improve transparency and reduce the risks associated with the derivatives market. EMIR also establishes common organisational, conduct of business and prudential standards for Central Counterparties (CCPs) and trade repositories. In the EU official journal, it was stated on 1 December 2015 that … Continue Reading

Institutions Failing or Likely to Fail – New EBA Guidelines

The European Banking Association (EBA) issued Guidelines on 26 May 2015 regarding the circumstances under which an institution is considered to be failing or likely to fail according to Article 32(6) of Directive  2014/59/EU.  Such Guidelines take effect on 1 January 2016 and were issued pursuant to Article 32(6), which directed the EBA to issue these … Continue Reading
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