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Germany: Suspension of the obligation to file for insolvency partially extended until 31.12.2020

Immediate measures should avoid a wave of insolvencies among German companies. For this reason, the obligation to file for insolvency in the event of pandemic-related illiquidity and overindebtedness was originally suspended until the end of September 2020. This suspension of the obligation to file for insolvency has now been extended - limited to the facts of over-indebtedness - until 31.12.2020. The amendment explicitly excludes the suspension of the obligation to file for insolvency due to illiquidity, i.e. this reason for insolvency (illiquidity) is not covered by the extension.