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)

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/2HSuAYD Thus Spoke Zarathustra: A Book for All and None https://amzn.to/37W2qGL Herman Hesse’s Books Siddhartha https://amzn.to/2PpJzO3 Steppenwolf https://amzn.to/32pSPqI

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 

• There is also a helpful page by the challenger bank Penta: https://getpenta.com/de/unterstuetzung-waehrend-corona/?utm_source=announcement&utm_medium=headway&utm_campaign=corona
• There is a German-only checklist by the Frankfurt Chamber of Commerce to make sure you don’t forget anything https://twitter.com/IHK_FFM/status/1240975669695315969
• FastBill’s Link list, in German only and focusing on freelancers: https://blog.fastbill.com/corona-pandemie/ 

 

Our Podcasts

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• 💢 Deeptech Germany
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• 💢 Blockchain Germany
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• 💢 German Startup News (Video)
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• 💢 German Startup News (Audio)
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