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Covid-19 and suspension of obligation to file for insolvency

Due to the economic crisis triggered by the Covid-19 pandemic, the German parliament (Bundestag) passed a bill back in March 2020 to protect companies affected by Covid-19 from being rendered insolvent through no fault of their own. Under the COVInsAG, the obligation to file for insolvency was temporarily suspended. In October 2020, the conditions were modified, with the result that the obligation to file for insolvency in case of illiquidity has come back into force. In our Client Alerts we provide all the essential information concerning the suspension of the obligation to file for insolvency and offer recommendations on the aspects to which businesses should pay particular attention.
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