News & Analysis as of

Corporate Restructuring Germany

White & Case LLP

Distress Signal: Europe’s M&A Market Braces for a Wave of Opportunity

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Dealmakers in Europe have had plenty of reasons to pause forward movement on deals. From new tariffs on transatlantic trade to weak industrial output in Germany—which also saw a snap election in February—2025 has brought a...more

McDermott Will & Schulte

Das StaRUG und dessen Bedeutung für die Restrukturierung von Immobiliengesellschaften – Die wichtigsten Fragen und Antworten

Insolvenzanträge von namhaften Projektentwicklern und Immobiliengesellschaften stellen die betroffenen Unternehmen und ihre Gläubiger vor große Herausforderungen und setzen die gesamte Immobilienbranche unter Druck....more

Akin Gump Strauss Hauer & Feld LLP

Adler Restructuring Plan Set Aside: Reflections on the English Court of Appeal’s Landmark Ruling

In one of the most highly anticipated judgments in the European restructuring market in recent years, on 23 January 2024, the English Court of Appeal overturned the High Court’s decision sanctioning the Adler restructuring...more

White & Case LLP

English High Court sanctions German real estate group’s ‘wind-down’ restructuring plan

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The English High Court has sanctioned a restructuring plan in respect of EUR 3.2 billion of bonds issued by the German real estate business, Adler Group. The main objective of the plan was to avoid Adler's imminent insolvency...more

Hogan Lovells

New clarity for German insolvency proceedings - No extended realization rights

Hogan Lovells on

In its decision of October 27, 2022 (IX ZR 145/21), the German Federal Court of Justice (BGH) ruled on a long-running dispute under German insolvency law. In its decision, the Court assumed that the insolvency administrator's...more

McDermott Will & Schulte

UmRUG Update: Implementation of the Reorganization Directive ("UmRUG")

Düsseldorf, February 10, 2023 – On Friday, February 10, 2023, the Federal Council (Bundesrat) approved the “Gesetz zur Umsetzung der Umwandlungsrichtlinie” (UmRUG), which had already been passed by the German Parliament...more

A&O Shearman

German Insolvency Law adjusted to uncertain times

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Temporary shortening of the forecast period relating to the over-indebtedness check and other changes until 31 December 2023. ...more

Hogan Lovells

Munich I Regional Court declares Wirecard’s annual financial statements null and void – what happens now?

Hogan Lovells on

Wirecard's insolvency administrator has won a first victory before the Munich I Regional Court. On 5 May, the court declared the annual financial statements for 2017 and 2018, which show balance sheet profits totalling around...more

White & Case LLP

On 1 January 2021 the Corporate Stabilisation and Restructuring Act (StaRUG) has come into force and introduced the new...

White & Case LLP on

Prior to the introduction of the Preventive Restructuring Framework by the StaRUG out-of-court restructurings in Germany other than the restructuring of German law-governed bonds generally required unanimous approval by all...more

A&O Shearman

The German StaRUG-Scheme: Act on the Stabilisation and Restructuring Framework for Businesses

A&O Shearman on

A short bullet point summary of the new StaRUG-Scheme and a non-reliance translation of the draft bill for the StaRUG-Scheme from German into English based on the preliminary text of the new draft legislation. ...more

White & Case LLP

COVID-19 Pandemic – Comprehensive German Legislative Support Measures

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The economic shock and disruption caused by the outbreak of the SARS-CoV-2-Virus (COVID-19-pandemic) resulted in unprecedented circumstances for companies and prompted recent emergency rescue measures by the German...more

A&O Shearman

Taxation of Restructuring Profits in Germany - Tax Administration and Legislator Swiftly React to a Recent Detrimental Decision of...

A&O Shearman on

A recent decision by the German Federal Fiscal Court (BFH) has caused significant concerns in the restructuring community because it will severely complicate future restructurings in Germany or even make them impossible...more

Latham & Watkins LLP

Update: Upheaval in the German Restructuring Market: Need-to-Know Facts, Alternative Tools and New Draft Law

Latham & Watkins LLP on

To date, a debt waiver has been frequently used as a tool to successfully restructure German-based companies in financial difficulties. A decision of the German Federal Fiscal Court (Bundesfinanzhof) published on...more

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