Our client alert dated 5 May explored some implications of the German Federal Constitutional Court’s decision the same day to prohibit the Bundesbank from participating in the European Central Bank’s (ECB) Public Sector Asset Purchase Programme (PSPP). A great deal of reaction and commentary since has focused on whether the Federal Constitutional Court’s admittedly very … Continue Reading
On 5 May 2020 the German Federal Constitutional Court (Bundesverfassungsgericht) rendered a judgement in a number of individual constitutional complaints (Verfassungsbeschwerden) of German citizens against the European Central Bank’s (ECB) Public Sector Asset Purchase Programme (PSPP) of 2015. The judgment was based on a provision contained in the German constitution which prohibits the German Parliament … Continue Reading
The validity of an assignment of receivables cross-border depends on the law that applies to the assignment. What might amount to a valid assignment in one jurisdiction does not mean that it is valid in another, and where there are competing claims to the receivables and competing jurisdictions, the question of which law applies – … Continue Reading
What should German organisations be doing to mitigate the impact of Covid-19 on their business, staff, supply chains, etc Here is an overview of the key legal issues for businesses in Germany to consider, together with some practical steps for businesses to take. Also available in German – click here.… Continue Reading
Due to its constitutional and legal system, Germany is different from a number of other countries around the world. Measures fighting the spread of COVID-19 in Germany cannot be taken at the central government level in Berlin (Bundesregierung) but have to be taken by the governments of the 16 states (Landesregierungen), which constitute the Federal … Continue Reading
The validity of an assignment of receivables cross-border depends on the law that applies to the assignment. What might amount to a valid assignment in one jurisdiction, does not mean, that it is valid in another and where there are competing claims to the receivables and competing jurisdictions, the question of which law applies and … Continue Reading
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
In Germany, securitization SPVs, factoring companies and asset based lenders take security over the leased assets owned by the leasing company by way of a security transfer of title. However, in all cases of a leasing company’s insolvency where the leasing company has still possession of the assets, the owner of the security in the … Continue Reading
The German Federal Supreme Court for Civil Matters (Bundesgerichtshof – BGH) held in two cases on 4 July 2017 that provisions contained in the standard contracts of banks providing for the payment of management or loan administration fees (Bearbeitungsentgelt) by the borrower is invalid under German law, irrespective of whether the borrower is a consumer … Continue Reading
On Monday 13 July 2015 the Eurozone Finance Ministers stated that they have entered into an understanding for further funds to be made available to Greece under the rules of ESM (combined with a more or less state controlled Greek trust fund for assets to be privatized) to avoid structuring a temporary Grexit. Such understanding is conditional upon the Greek parliament … Continue Reading
Is it legally possible that Greece ceases to be a member of the Eurozone without exiting the EU and without changing the treaties which establish the European Union and what consequences would this have for existing contracts and outstanding bonds? We consider whether it is legally possible for Greece to cease being a member of … Continue Reading
