In 2016 the European Commission presented a proposal for a “Directive of the European Parliament and the Council on preventive restructuring frameworks, second chance and measures to improve the efficiency of restructuring, insolvency and debt relief proceedings”.
At some point companies will be required to consider whether they, or a party with whom they have contracted, can suspend or terminate a business contract as a consequence of the disruption caused by COVID-19.
Government measures taken in order to fight COVID-19 have forced many businesses to either reduce or entirely stop their activities.
The Federal Court of Justice revisited the statutory presumption in Section 133(1) sentence 2 of the German Insolvency Code in its decision of 26.10.2023 (IX ZR 112/22), following earlier rulings on 03.03.2022 and 23.06.2022.