Corona

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Duties of the managing directors in times of the COVID-19-pandemic

The COVID-19-pandemic and the government measures taken in this context at federal and state level (such as the closure of facilities and retail stores, the issuing of quarantine orders and exit restrictions) have led to a considerable slump in the German economy, and the financial and capital markets are under considerable pressure. Companies in many industries are directly affected by these negative economic effects in the form of interrupted supply chains, sometimes significant sales losses and the need for protective measures for employees. It is not uncommon for companies to face a con ...

Effects of COVID-19 on lease arrangements according to IFRS 16

As a reaction to COVID-19 in Germany, various civil law provisions on the exclusion of termination in tenancy law, on deferral of payment in consumer loan agreements and contracts that secure the further going concern came into force on 1 April 2020. As a result, rental contracts, in particular, may not be terminated due to rent debts in the period from April to the end of June 2020, provided that the incurrence of the rent debts is attributable to COVID-19, such as the closure of retail stores for a certain period of time. On 10 April 2020, the IASB published a statement which addresses th ...