Due to the economic consequences of the Ukraine war, the federal government has decided on temporary adjustments in restructuring and insolvency law. The so-called SanInsKG has already come into force.
Disrupted supply chains and rising energy prices pose a major problem for many companies after the Corona crisis. The federal government has responded by deciding on temporary adjustments in restructuring and insolvency law. The Restructuring and Insolvency Law Crisis Consequences Mitigation Act (SanInsKG) is intended to help companies through the crisis and prevent a wave of insolvencies. In this context, the COVID-19 Insolvency Suspension Act (COVInsAG) enacted due to the Corona pandemic has been adjusted. The SanInsKG came into force on November 9, 2022, and the new regulations are valid until December 31, 2023, for the time being.
Unlike the COVInsAG, the new regulations do not require a causal link between the crisis and the economic problems of the company, explains Rechtsanwalt Michael Rainer, contact person for insolvency law and corporate law at MTR Rechtsanwälte.
A key point of the SanInsKG is the modification of the obligation to file for insolvency due to over-indebtedness. Previously, the obligation to file for insolvency existed if the continuation of the company over a period of twelve months was not sufficiently probable. This positive forecast period has now been shortened to four months. This applies even if the company was already over-indebted before the new regulations came into force on November 9, 2022, provided the application deadline had not yet expired at that time. Furthermore, the maximum period for filing an insolvency application due to over-indebtedness has been extended from six to eight weeks.
It should be noted that the insolvency application must still be filed without culpable delay and the maximum period must not be exhausted if it is already expected earlier that a sustainable elimination of the over-indebtedness will not succeed. Moreover, the obligation to file for insolvency due to inability to pay remains unaffected by the new regulations.
The planning periods for the preparation of self-administration and restructuring plans have been shortened from six to four months in the SanInsKG. This is intended to facilitate access to this procedure for companies in crisis.
MTR Rechtsanwälte provides companies with experienced lawyers in insolvency law and corporate law and outlines the courses of action.
