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BvCM Working Group Insolvency Practice with Prof. Schumann
After the long expected adoption of the reform law on the avoidance of transactions in insolvency proceedings in April this year, experts now argue if the spectre of escalated avoidance of transactions in insolvency proceedings will disappear in light of the new regulations or if things will remain the same.
At the meeting of BvCM’s Working Group Insolvency Practice at Prof. Schumann GmbH in Göttingen on 14 June 2017, the future of avoidance of transactions in insolvency proceedings was the central theme. In particular, the handling of cash transactions pursuant to § 142 Insolvency Code and accommodations for payment facilitation/payment terms were presented and discussed against the background of the reform. The speakers, including attorney at law Michael Schmidt, explained with examples of their daily practice the pitfalls, risks and opportunities which emerged from the new regulations and induced the participants to an intensive experience exchange.
In conclusion of the event it can be said that something has changed for the benefit of the creditors. However, the topic avoidance of transactions in insolvency proceedings will not become completely obsolete.
The next meeting of the Working Group Insolvency Practice will take place on 21 November 2017 at Konica Minolta Business Solutions Europe GmbH in Langenhagen near Hannover.