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 present many companies with a major problem after the Corona crisis. The federal government has responded to this and decided on temporary adjustments in restructuring and insolvency law. The Restructuring and Insolvency Relief Act for Crisis Consequences (SanInsKG) aims to help companies through the crisis and prevent a wave of insolvencies. The COVInsAG, issued due to the Corona pandemic, has been adjusted. The SanInsKG came into force on November 9, 2022, and the new regulations are initially intended to apply until December 31, 2023.
Unlike the COVInsAG, the new regulations forgo a causal link between the crisis and the company’s economic problems, explains Rechtsanwalt Michael Rainer, a contact 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 existed to file for insolvency if the continuation of the company was not sufficiently probable over a period of twelve months. This positive forecast period has now been shortened to four months. This also applies if the company was already over-indebted before the new regulations came into force on 11/9/2022, provided that the application deadline had not yet expired at that time. Additionally, 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 submitted without culpable delay and the maximum period must not be exhausted if it is already foreseeable that a sustainable elimination of the over-indebtedness will not succeed. Furthermore, the obligation to file for insolvency due to inability to pay remains unaffected by the new regulations.
The planning periods for preparing self-administration and restructuring plans were 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 attorneys in insolvency law and corporate law and illustrates the options for action.
