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German Government suspends bankruptcy declaration due to floods

German Government suspends bankruptcy declaration due to floods

Berlin, Aug 4 (Prensa Latina) The German Government on Wednesday suspended temporarily the commitment by companies affected by floods on July 14 to declare themselves bankrupt.
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In that tragedy, more than 180 people were killed, and there were serious consequences for the country’s economy.

German Justice Minister Christine Lambrecht stated in this regard that as a result of the heavy rains and floods, even companies with viable and successful business models were financially in trouble with no fault of their own.

This measure will have to be approved by the Bundestag (Parliament). Furthermore, authorities have already launched extensive financial assistance for both the population and companies in the affected regions.

Lambrecht noted the need to prevent companies from being forced to go to Bankruptcy court just because the approved aid does not reach them on time.

The Government authorized that the obligation to request help from creditors for the affected companies be retroactively suspended from July 10, 2021, until the end of October 2021.

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