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German Insolvency Law: COVID-19-Suspension of Duty to File for Insolvency Ended on 30 September 2020 for Illiquid Companies
Heuking Kühn Lüer Wojtek, October 2020

Over-indebted companies still exempted from filing duty until 31 December 2020COVID-19-affected companies to benefit from easier access to protective shield proceedings and preventive restructuring schemes/ regimes as from 1 January 2021 Two German legislative initiatives taken in September 2020 will have an immediate impact on the options available to restructure a business under German law: DUTY TO FILE FOR INSOLVENCY RE-INSTATED FOR ILLIQUID COMPANIES AS OF 1 OCTOBER 2020; SUSPENSIO

Employees Duties of Conduct in the Privacy in Times of Corona
Heuking Kühn Lüer Wojtek, September 2020

Since the beginning of the COVID-19 pandemic, the media has repeatedly reported about terminations by the employer, which are based on the fact that employees did not adhere to corona measures during their leisure time, for example because they took part in large anti-corona demonstrations and disregarded the distance rule or were associated with anti-constitutional ideas...

Returning from Home Office - What Employers Have to Consider
Heuking Kühn Lüer Wojtek, August 2020

When the corona pandemic broke out, many employers allowed their employees to work in home office or even forced them to do so. In the meantime, many uncertainties have been clarified and the desire for normality is increasing among both employers and employees. Therefore, in the following, we will describe what employers must take into account when employees return from home office. 1...

Entitlement of the Employee to Postpone the Already Approved Holiday in Corona Times
Heuking Kühn Lüer Wojtek, August 2020

The summer holidays have already begun in most of the federal states or are about to begin. Due to the Corona pandemic, most holiday plans could not be realized during the Easter holidays. Although the travel warnings for most countries in the EU were lifted in time for the summer holidays, it is still not possible to enjoy "normal" holidays this year...

New Hires Despite Short-Time Work?
Heuking Kühn Lüer Wojtek, August 2020

Due to the Corona pandemic and the associated economic effects, numerous companies were forced to announce short-time work over the past few months. This raises the question for employers to what extent it is still possible to hire during short-time work and what effects this has on short-time working compensation. NEW HIRES DURING SHORT-TIME WORK First of all, a distinction must be made between new hires before and after the introduction of short-time work...

EU Recovery Prospectus – Planned Facilitation of the Equity Issuance Through an Abridged Securities Prospectus
Heuking Kühn Lüer Wojtek, August 2020

In order to tackle the effects of the Corona crisis, it is planned at EU level to temporarily facilitate the raising of equity capital for companies. This will enable certain issuers to publish a shortened prospectus with only 30 pages instead of a full prospectus to issue shares. Through this, issuers will have the option to issue shares at short notice, without bureaucracy and inexpensively, thereby improving the debt-to-equity ratio in their balance sheets...

EU Recovery Prospectus - Planned Facilitation of the Equity Issuance through an Abridged Securities Prospectus
Heuking Kühn Lüer Wojtek, August 2020

In order to tackle the effects of the Corona crisis, it is planned at EU level to temporarily facilitate the raising of equity capital for companies. This will enable certain issuers to publish a shortened prospectus with only 30 pages instead of a full prospectus to issue shares. Through this, issuers will have the option to issue shares at short notice, without bureaucracy and inexpensively, thereby improving the debt-to-equity ratio in their balance sheets...

Use of the Corona Waning App in Companies
Heuking Kühn Lüer Wojtek, August 2020

The Corona Warning App, commissioned by the German Federal Government, has been available for download since June 16, 2020. The availability of the app raises numerous employment-law issues...

EU Commission Approves Economic Stabilization Fund for Liquidity and Capital Support for the Real Economy
Heuking Kühn Lüer Wojtek, July 2020

By adopting the Act on the Establishment of the Economic Stabilization Fund of March 27, 2020, the German Parliament and the Federal Council established the Economic Stabilization Fund(“ESF”) as a special fund to stabilize the real economy in times of the COVID-19 pandemic. The ESF is intended to support German companies in the real economy suffering from the consequences of the COVID-19 pandemic by providing liquidity and capital support...

Public Financial Aid for Start-Ups in the Corona Crisis
Heuking Kühn Lüer Wojtek, July 2020

The German government launched an aid program to support start-ups and young growth companies in the corona crisis aimed at providing start-ups with liquidity quickly. One of the pillars of this program is the Corona Matching Facility (CMF), where KfW Capital and the European Investment Fund (EIF) are “matching” investments of private venture capital funds (VC funds). The aid is therefore linked to the investments of VC funds...

Use of the Corona-Warn-App in the Workplace
Heuking Kühn Lüer Wojtek, June 2020

On June 16, 2020 the German government released its Corona-Warn-App. There are some key points employers should be aware of concerning the app: NO OBLIGATION FOR EMPLOYEES TO USE THE APP ON THEIR PERSONAL SMARTPHONES An employer may be thinking about instructing its employees to install and use the Corona-Warn-App on their own devices to reduce the infection risk among its employees. That is not permitted...

Securities Regulators Demand Fair Disclosure of Consequences of the COVID-19-Pandemic from Issuers
Heuking Kühn Lüer Wojtek, June 2020

Issuers need to make transparent the effects of the COVID-19 pandemic on their companies. The International Organization of Securities Commissions (IOSCO) emphasized the importance and obligation of timely and transparent disclosure of “high-quality information” in a recent statement issued on May 29, 2020. It recalled the corresponding obligation for issuers to report on important matters and encourages companies to comply with their disclosure obligations...

The Virtual General Meeting 2020: Selected Tips for Use in Practice
Heuking Kühn Lüer Wojtek, June 2020

On March 28, 2020, the Act on Measures in Corporate, Cooperative, Association, Foundation, and Home Ownership Law to Combat the Effects of the COVID-19 Pandemic (COVID-19 Act) entered into effect. Among other things, the COVID-19 Act provides for substantial facilitations for stock corporations to hold general meetings. The most important innovation for use in practice is the possibility of holding general meetings entirely virtually, i.e...

Social Package II (Changes to Short-Time Working Benefit)
Heuking Kühn Lüer Wojtek, June 2020

In the context of the Corona crisis the German Federal Government has demonstrated that it is capable of acting quickly and pragmatically. The conditions for payment of short-time working benefit had already been adapted to the corona situation through past measures, and on May 14, 2020 the German parliament approved further changes through the Social Package II. The changes of relevance to employment law are set out briefly below...

Establishing an Economic Stabilization Fund for the Real Economy
Heuking Kühn Lüer Wojtek, May 2020

By adopting the Act on the Establishment of the Economic Stabilization Fund of March 27, 2020, the German Parliament and the Federal Council established the Economic Stabilization Fund (“ESF”) as a special fund to stabilize the real economy in times of the COVID-19 pandemic...

Facilitations for Circular Resolutions in the Gmbh by the Covid Mitigation Act - Overview and Open Questions
Heuking Kühn Lüer Wojtek, May 2020

The Act to Mitigate the Consequences of the COVID-19 Pandemic in Civil, Insolvency and Criminal Procedure Law (“COVID-19 Act”) provides for the option of online general meetings (“virtual general meetings”) for AGs [stock corporations], which numerous small and large stock corporations, including DAX-listed corporations, are already frequently using...

Drafting Contractual Force Majeure And Corona Clauses for the Post-Pandemic Period
Heuking Kühn Lüer Wojtek, May 2020

The COVID-19 pandemic distinctly reminds us that during their term, contracts may be exposed to influences beyond the parties’ control, which may unforeseeably complicate their performance or make it impossible. Examples include civil wars, natural disasters, terrorist attacks, or pirate attacks on cargo ships...

Review Periods for Merger Control to be Temporarily Extended
Heuking Kühn Lüer Wojtek, May 2020

On May 29, 2020, the “Act to Mitigate the Consequences of the COVID-19 Pandemic in Competition Law” entered into force. It includes provisions for a one-off extension of the examination periods of the Federal Cartel Office in the context of merger control. This applies exclusively to the examination periods for merger control notifications received by the Federal Cartel Office between March 1 and May 31, 2020...

Voucher Instead of Refund: Federal Government Adopts Draft Bill for an Amendment in Event Contract Law
Heuking Kühn Lüer Wojtek, April 2020

On April 8, 2020, the federal government adopted draft wording presented by the Federal Minister of Justice and Consumer Protection for a draft bill to mitigate the consequences of the COVID-19 pandemic in event contract law in order to protect organizers of recreational events and operators of recreational facilities from considerable outflows of liquidity...

Coronavirus Pandemic: Actions by EU Member States
Heuking Kühn Lüer Wojtek, April 2020

The EU Commission has implemented a Temporary Framework for State aid measures and provided the Member States with a toolbox of instruments to support their companies in the crisis. Germany has implemented some of these instruments. The following article takes a look at instruments that have been notified by other Member States and are also of interest to Germany...

Dispute Resolution before State Courts and Arbitral Tribunals in Times of the COVID-19 Pandemic
Heuking Kühn Lüer Wojtek, April 2020

The COVID-19 pandemic with contact restrictions and travel bans also poses challenges for civil proceedings. In the future, the functionality in pandemic times could be the material factor for the choice between state courts and arbitral courts because flexibility and options for responding to the COVID-19 pandemic are varying. State court proceedings Despite the COVID-19 restrictions, court deadlines must still be met...

Local Decisions in Corona Times
Heuking Kühn Lüer Wojtek, April 2020

Even against the backdrop of the current COVID-19 pandemic (“corona”), cities, municipalities, and municipal associations need to continue to be efficient and, above all, capable of making decisions. This article provides an overview of the problems they are facing and offers some possible solutions.   Problem Numerous scheduled meetings have been canceled and remain suspended until further notice...

Virtual Works Council Work in the Corona Pandemic - A Legislative Solution in Sight
Heuking Kühn Lüer Wojtek, April 2020

German Parliament - Rejects 19(11)581 After a mere ministerial declaration more than three weeks ago, the German Federal Government has now also intro-duced a draft of an act which is intended to put recent and future virtual works council decisions on a legal basis...

Personnel partnerships - cross-company personnel deployment for temporary support during the crisis
Heuking Kühn Lüer Wojtek, April 2020

THE CURRENT STARTING SITUATION The spread of the corona virus is a considerable burden on the economy. Many companies in Germany are forced to reduce their business operations or even to close down completely or partially. In other sectors of the economy, such as food retailing or companies providing services of general interest, the increased demand for products or the increased demand can hardly be met...

Corona and the Adoption of Annual and Consolidated Financial Statements, in Particular Relating to the Supervisory Board's Financial Statement Meeting
Heuking Kühn Lüer Wojtek, April 2020

Current status: March 31, 2020 Increasingly far-reaching restrictions with respect to the COVID-19 virus also bring to light the issue of timely drafting, auditing, adoption, and publication of annual and consolidated financial statements, in particular for listed companies. This against the background that capital market-oriented companies, i.e...

 

 

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