03:12The German cabinet has decided to suspend bankruptcy filing requirements for businesses affected by the catastrophic flooding in western Germany, said a government spokesperson on Wednesday in Berlin.
"Affected companies can suffer from over-indebtedness or insolvency through the heavy rain and flood, and with that, there is the obligation to file an application for insolvency," said spokesperson Ulrike Demmer, "The drafted bill includes a suspension of the obligation to file an application for insolvency in cases where the insolvency is related to the floods during July 2021."
The proposal still requires the sign off of Germany's parliament but should offer flood-hit businesses more time to rearrange their finances in the wake of the disaster, and potentially stay afloat.
Regarding foreign affairs, a German Foreign Ministry spokesperson expressed criticism regarding the situation in Lebanon, as the country marks the first anniversary of the devastating Beirut port explosion that left over 200 dead and thousands injured.
"The situation one year after the explosion in Lebanon is unsatisfactory. The reforms which have been promised, and are urgently necessary, have not been delivered," said spokesperson Maria Adebahr.
Berlin is also monitoring developments at the Belarusian-Lithuanian border and trying to put forward solutions to stop illegal border crossings, according to Demmer.
Germany: Berlin says flood-damaged businesses don't have to file for bankruptcy
The German cabinet has decided to suspend bankruptcy filing requirements for businesses affected by the catastrophic flooding in western Germany, said a government spokesperson on Wednesday in Berlin.
"Affected companies can suffer from over-indebtedness or insolvency through the heavy rain and flood, and with that, there is the obligation to file an application for insolvency," said spokesperson Ulrike Demmer, "The drafted bill includes a suspension of the obligation to file an application for insolvency in cases where the insolvency is related to the floods during July 2021."
The proposal still requires the sign off of Germany's parliament but should offer flood-hit businesses more time to rearrange their finances in the wake of the disaster, and potentially stay afloat.
Regarding foreign affairs, a German Foreign Ministry spokesperson expressed criticism regarding the situation in Lebanon, as the country marks the first anniversary of the devastating Beirut port explosion that left over 200 dead and thousands injured.
"The situation one year after the explosion in Lebanon is unsatisfactory. The reforms which have been promised, and are urgently necessary, have not been delivered," said spokesperson Maria Adebahr.
Berlin is also monitoring developments at the Belarusian-Lithuanian border and trying to put forward solutions to stop illegal border crossings, according to Demmer.
The German cabinet has decided to suspend bankruptcy filing requirements for businesses affected by the catastrophic flooding in western Germany, said a government spokesperson on Wednesday in Berlin.
"Affected companies can suffer from over-indebtedness or insolvency through the heavy rain and flood, and with that, there is the obligation to file an application for insolvency," said spokesperson Ulrike Demmer, "The drafted bill includes a suspension of the obligation to file an application for insolvency in cases where the insolvency is related to the floods during July 2021."
The proposal still requires the sign off of Germany's parliament but should offer flood-hit businesses more time to rearrange their finances in the wake of the disaster, and potentially stay afloat.
Regarding foreign affairs, a German Foreign Ministry spokesperson expressed criticism regarding the situation in Lebanon, as the country marks the first anniversary of the devastating Beirut port explosion that left over 200 dead and thousands injured.
"The situation one year after the explosion in Lebanon is unsatisfactory. The reforms which have been promised, and are urgently necessary, have not been delivered," said spokesperson Maria Adebahr.
Berlin is also monitoring developments at the Belarusian-Lithuanian border and trying to put forward solutions to stop illegal border crossings, according to Demmer.