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This Month in German Startups - Covid19 Flash - Changes to Insolvencis in Germany
Covid 19 Coverage of Startuprad.io
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WelcomeWelcome to the 2nd episode of our special covid19 coverage for the German startup scene. This is a special issue with attorney at law Tim, focusing on special legislation in Germany for the shutdown of public life and the consequences for a business.
Our GuestTim Wullbrandt (Attorney at Law) http://www.wullbrandt-rechtsanwaelte.de/heidelberg-based-law-firm-experienced-attorneys-for-criminal-defense-family-law-insolvency-law-in-germany/
Article by Tim (German) about the new legal rules:
Neue Gesetze wegen Corona-Krise - was ändert sich? https://buff.ly/2xltPp4
Our ScopeEverything we discuss here only holds true in GERMANY, since Startuprad.io is focused here. The rules, laws and regulations do not apply anywhere else.
Give us FeedbackReach out to us, here is our audience survey, to give us feedback, suggest topics, interview partners or just to say “Hallo!” https://forms.gle/mLV6mVKwGwKuut8BA
Find the host here:
Jörn “Joe” Menninger joe@startuprad.io / Twitter / LinkedIn / Video Interview (2018)
Keep in mind, there are many people out there looking for help AND THERE WILL BE SCAMMERS, so validate your sources, start from associations and government pages. Be wary of potential scams.
There is an explicit warning on the official portal for insolvency filings in Germany - Insolvenzbekanntmachungen https://buff.ly/2J7RM62
Normal insolvency filings and proceedingsReasons for insolvencyInsolvency / IlliquidityIminent illiquidity (time frame unclear)Overextension, you have more depth than assets Insolvency applicationExamination of applicationOpening of insolvency proceedings
Upfront tax payments / prepaid taxes https://www.sapling.com/8419090/prepaid-taxes
Shareholder loans https://www.financierworldwide.com/shareholder-loans-under-german-insolvency-law#.Xno2T4hKhhE
Special about this situation with Covid19, as of March 2020Here is the link to the current bill / draft law on the homepage of the German Federal Ministry of Justice https://www.bmjv.de/SharedDocs/Gesetzgebungsverfahren/DE/FH_AbmilderungFolgenCovid-19.html
Content:
Under certain conditions there is no obligation to file for insolvency until September 30th 2020.
There is an restriction for termination of rental contracts (think offices)
There is also a relaxation for decision making for legal entities
⇒ Talk to your lawyer about it!
The Video Interview (published March 24th)https://youtu.be/0vnA4SoSADc
Top Book Picks by 28 year old serial entrepreneur Peter (AL)Principles by Ray Dalio https://amzn.to/38ZgmB7
The man who solved the market https://amzn.to/2SZ6Jgw
What You Do Is Who You Are: How to Create Your Business Culture https://amzn.to/2SYi00x
The little prince https://amzn.to/3c6hWDm
Friedrich Nietzsche’s Books:
Ecce Homo: How One Becomes What One is https://amzn.to/2HSuAYDThus Spoke Zarathustra: A Book for All and None https://amzn.to/37W2qGLHerman Hesse’s Books
Siddhartha https://amzn.to/2PpJzO3Steppenwolf https://amzn.to/32pSPqI Further readings and helpful linksThis is the only reliable english source we could find so far: SARS-CoV-2/COVID-19: Collected Best Practices of the German Startup Scene - German Startups AssociationThey launched a specific website”The Startup Corona Handbook” https://buff.ly/2J4UOI0
There is also a helpful page by the challenger bank Penta: https://getpenta.com/de/unterstuetzung-waehrend-corona/?utm...
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