What is Insolvenzanfechtung?
This compound German word has two parts: insolvenz (insolvency) and anfechtung (dispute). In short, it means that if a German company becomes insolvent, a German administrator can reclaim from you any turnover already paid. This can be done for up to four years. It is a regulation that any Dutch supplier - including your company! - can have to deal with when doing business with our eastern neighbours.
An absurd provision? At Xolv, we think so. But unfortunately, we cannot change the rules. What we can do, however, is to inform you as best we can about Insolvenzanfechtung and how to deal with it. So we did just that on Friday 6 September, in cooperation with our partner CRDT, very experienced like us when it comes to doing business in Germany.
Tips from German professionals
Dr Rolf Leithaus, a renowned lawyer/curator from CMS Hasch Sigle, gave more insight into Insolvenzanfechtung in an inspiring way. For instance, he explained how companies can avoid being sued by a German trustee as much as possible, but also what entrepreneurs can do if they do get charged with Insolvenzanfechtung by a German trustee.
Of course, ways to insure against this were discussed. This was discussed in detail by Jan Piplack of the German company Isopo. He gave insight into insurance solutions alongside the products offered by Euler Hermes, Coface and Atradius. Thus, the 30 attendees left the room with quite a bit more knowledge than they had upon entering.
Want to know more about opportunities and challenges in Germany?
Were you not present at this successful day, but would like to receive more information about Insolvenzanfechtung? Then please contact us via info@xolv.nl or 073-8200295. We will be happy to tell you more about these and other German snags you can guard against, but of course also about the enormous opportunities that doing business with our eastern neighbours offers!
Also read the article: HELP! German receiver claims back paid turnover!
