Obligation to file for insolvency is to be suspended due to the corona virus

Section § 15a InsO stipulates that managing directors of a GmbH and management board members of an AG must file for insolvency without undue delay, but no later than three weeks after the occurrence of insolvency or overindebtedness if their company becomes insolvent or overindebted. On 20. 03. 2020, the BMJV presented a draft law (CorInsAG) according to which this obligation to file for insolvency for companies affected by the Corona pandemic is to be suspended until 30. 09. 2020, unless the insolvency is not due to the effects of the COVID 19 pandemic or there is no prospect of eliminating an inability to pay that has occurred. It also creates incentives to inject new liquidity into the companies concerned and maintain business relations with them. In addition, for a three-month transitional period, the right of creditors to request the opening of insolvency proceedings will also be suspended. In addition, the draft law for the BMJV contains an authorization according to which the suspension of the obligation to file for insolvency and the regulation on the reason for opening insolvency proceedings can be extended until 31. 03. 2021 by means of a simple #legal ordinance.