With each extension, the scope of the suspension of the obligation to file for insolvency which was first introduced in March 2020 became more and more limited. Now, it might finally cease to exist, so that managing directors of a German limited liability company (Gesellschaft mit beschränkter Haftung) will be once again obliged to file for the opening of insolvency proceedings if the company is illiquid (zahlungsunfähig), or over-indebted (überschuldet), regardless of whether or not such illiquidity or over-indebtedness is based on the consequences of the COVID-19 pandemic and whether or not there is a prospect of eliminating the existing reason for insolvency through recourse to state aid.
To mark International Women’s Day “Choose to Challenge” campaign, our Asia Diversity & Inclusion RAW (Retain and Advance Women) Network Co-Chairs Susanne Harris and Amita Haylock were delighted to host Fiona Callanan-Thorsby, Sammi Cho and Fiona Phillips – three women of influence in banking and consulting – for a fascinating webinar discussion on their experiences as women leaders, and what this year’s theme means to them.
The Recast Insolvency Regulation (Regulation (EU) 2015/848), which (together with its predecessor) had been a part of the UK/EU restructuring and insolvency landscape for nearly two decades, has now fallen away. UK/EU restructurings and insolvencies opened after the end of the transition period will not have the benefit of its clear structure for the allocation of jurisdiction, the opening and recognition of proceedings and for the conduct and closure of those proceedings. This comes at a time when we expect to see a rise in the number of cross border cases.