March 16, 2020 / 11:16 AM / 23 days ago

Germany loosens insolvency rules to counter coronavirus impact

BERLIN (Reuters) - The German justice ministry is suspending until the end of September a rule obliging companies to apply for insolvency within three weeks of failing to meet an obligation, a measure to avoid unnecessary bankruptcies due to the coronavirus.

“We want to avoid companies having to declare insolvency because government aid does not arrive in time,” Justice Minister Christine Lambrecht said in a statement on Monday. “The regular three-week delay is thought too short for such cases.”

Reporting by Thomas Escritt; Editing by Joseph Nasr

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