For many companies, the corona crisis means an emergency braking from 100 to zero and poses huge challenges for the economy. The legislator reacted quickly and, with the Covid-19 Insolvency Suspension Act ("COVInsAG"), first and foremost largely suspended the obligation to file for insolvency. In addition, managing directors and board members are no longer personally liable if they still pay invoices despite being unable to pay, in order to ensure the continuation of the business.
However, these reliefs are only to apply until 30 September 2020. If necessary, this suspension period can be extended to 31 March 2021 by statutory order.
