Covid 19 Coverage of Startuprad.io

 

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Welcome

Welcome to the 2nd episode of our special covid19 coverage for the German startup scene. This is a special issue with an attorney at law Tim, focusing on special legislation in Germany for the shutdown of public life and the consequences for a business.

Our Guest

Tim 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 Scope

Everything 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 Feedback

Reach 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 proceedings

  • Reasons for insolvency
    • Insolvency / Illiquidity
    • Imminent illiquidity (time frame unclear)
    • Overextension, you have more depth than assets
  • Insolvency application
  • Examination of application
  • Opening 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 2020

Here 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 a restriction for termination of rental contracts (think offices)

There is also relaxation for decision making for legal entities

⇒ Talk to your lawyer about it!

 

The Video Interview (published March 24th)

 

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:

Herman Hesse’s Books

Further readings and helpful links

  • This 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 Association

They launched a specific website” The Startup Corona Handbook” https://buff.ly/2J4UOI0

 

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