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Law to mitigate the consequences of the COVID 19 pandemic
In its meeting today, Wednesday, 25 March 2020, the German parliament decided in the course of the Corona crisis on far-reaching changes to civil and insolvency law, among other things.
Consumers and micro-enterprises (up to 9 employees/2 million euros annual turnover/balance sheet total) have been granted a moratorium on liabilities arising from important permanent obligations, with the exception of employment contracts, until 30 June 2020 for the time being. Similar arrangements have been made for rental, lease and loan agreements. In addition, the obligation to file for insolvency for companies affected by the Corona crisis was suspended until September 30, 2020. Perhaps the most important regulation for suppliers: Creditors of companies threatened by the crisis were granted extensive protection against subsequent insolvency challenges for transactions during this period.
More about the new regulations and how you as a creditor can ensure that the current crisis does not catch up with you later, can be found in our top topic on the Corona crisis.