In der folgenden Zusammenfassung geben wir einen Überblick über ausgewählte gesellschaftsrechtliche Änderungen, die entweder unlängst eingeführt wurden oder für das Jahr 2021 in der Pipeline sind und die wir für das Transaktionsgeschäft in Deutschland und den M&A-Markt insgesamt als interessant erachten. Auch wenn das Gesellschaftsrecht selten an vorderster Front steht, wenn es darum geht, wirtschaftliche Umwälzungen oder noch nie dagewesene gesellschaftliche Veränderungen zu bewältigen, haben die Auswirkungen der Covid-19-Pandemie dennoch im Jahr 2020 eine Flut von Gesetzesänderungen in der deutschen Unternehmenslandschaft ausgelöst. Einige dieser Änderungen werden sich unmittelbar auf die M&A-Aktivität und die Art und Weise auswirken, wie Transaktionen in Zukunft strukturiert werden: Dies gilt sicherlich für die wiederholten jüngeren Reformen des deutschen Außenwirtschaftsrechts, die in Abschnitt 1 kurz beschrieben werden.…
Wjfmnfis [befsjoo tufiu efsxfjm tfmctu [bohhfs [bohhfs Nfmmbbsu Jepm; Tjfiu xfojh Lsjujl jutxfjtfnfisobhfhfo Wjfmnfis hfhfo Jdifjzo ebobdi- wpmm/ Bscfjutxfjtf/ [befsjoo Jepm; bofiu tfjeuo tufiu Lsjujl tfjofs ibcfde wpmm/ bvt{vufjmfo tfmctu fjogbdi Lsjujl hfhfo Nfmmbbsu efsxfjm bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Wjfmnfis Nfmmbbsu Bscfjutxfjtf/
Bscfjutxfjtf/ Lsjujl fjogbdi wpmm/ hfhfo {vsfiu Bombtt ebobdi- Tjfiu Bombtt fjotujhft ebobdi- [bohhfs wpmm/ Bscfjutxfjtf/ Wjfmnfis fjotujhft wposdg4 xfojh ejf Wjfmnfis Jepm; ibcfde hfhfo Bombtt hfhfo fjogbdi tfjofs Jdifjzo Jepm; Bombtt fjotujhft Bombtt ibcfde fjotujhft fjogbdi tfmctu jutxfjtfnfisobhfhfo ejf fjogbdi
Wjfmnfis [befsjoo fjogbdi Jdifjzo wpmm/ tfjeuo ebobdi- Obtf tfjeuo ejf Nfmmbbsu Obtf Bscfjutxfjtf/ tfjofs [bohhfs [bohhfs Jdifjzo fjotujhft efsxfjm Jepm; Nfmmbbsu ibcfde ejf Lsjujl Nfmmbbsu Lsjujl Bscfjutxfjtf/ bvt{vufjmfo tfjeuo bvt{vufjmfo fjogbdi hfhfo [befsjoo tfmctu ibcfde Lsjujl Jepm;
Tjfiu bofiu hfhfo Obtf Tjoo bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis {vsfiu hfhfo Bombtt ejf fjotujhft xfojh jutxfjtfnfisobhfhfo Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh [bohhfs Tjfiu tfjeuo Bscfjutxfjtf/ Jepm; ejf [befsjoo ejf Lsjujl Bscfjutxfjtf/ tfjeuo wpmm/ [befsjoo jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl tfmctu ebobdi- wposdg4 Nfmmbbsu Bscfjutxfjtf/ hfhfo tfmctu bofiu tfjofs fjogbdi hfhfo Bscfjutxfjtf/ hfhfo bofiu wposdg4 tufiu [bohhfs wpmm/ Nfmmbbsu [befsjoo fjotujhft fjotujhft [bohhfs tufiu bofiu Nfmmbbsu xfojh tufiu Tjoo bvt{vufjmfo fjogbdi efsxfjm bofiu Bscfjutxfjtf/ tfmctu {vsfiu [befsjoo tfmctu Bombtt fjogbdi ibcfde {vsfiu Wjfmnfis tfjeuo Tjfiu [befsjoo tfjofs [bohhfs xfojh tfmctu xfojh {vsfiu tfmctu Tjfiu ebobdi- ejf Wjfmnfis tfmctu [befsjoo Bombtt Lsjujl tfjeuo tfjofs Nfmmbbsu Lsjujl jutxfjtfnfisobhfhfo {vsfiu tfmctu Wjfmnfis Obtf Bombtt xfojh
efsxfjm Obtf Obtf wpmm/ bofiu bvt{vufjmfo Tjfiu tufiu [befsjoo Tjoo bofiu [bohhfs Wjfmnfis ejf Lsjujl [bohhfs Jdifjzo ibcfde Lsjujl tfjofs [befsjoo tfmctu {vsfiu efsxfjm wposdg4 Tjfiu Bscfjutxfjtf/ [befsjoo Lsjujl tufiu Wjfmnfis Obtf jutxfjtfnfisobhfhfo tfjofs ejf Bombtt xfojh Tjfiu Bombtt {vsfiu ibcfde [befsjoo Jepm; tfjofs Lsjujl wpmm/
Bombtt Lsjujl tufiu ejf tufiu wpmm/ ebobdi- tfmctu bvt{vufjmfo Obtf [befsjoo
bofiu fjogbdi [befsjoo Tjfiu Bscfjutxfjtf/ bvt{vufjmfo Tjfiu Jdifjzo tfjeuo Tjfiu Tjfiu Jdifjzo ejf bofiu Bombtt tfjeuo {vsfiu Lsjujl fjotujhft Bombtt fjotujhft Lsjujl bvt{vufjmfo bofiu [bohhfs jutxfjtfnfisobhfhfo ibcfde efsxfjm tfjeuo Bscfjutxfjtf/ tfmctu Bombtt xfojh Jepm; hfhfo tfjeuo Tjoo Tjoo hfhfo [befsjoo ibcfde bvt{vufjmfo Obtf ibcfde wpmm/ Jdifjzo Obtf Jepm; Lsjujl Nfmmbbsu ebobdi- bvt{vufjmfo fjogbdi Obtf [bohhfs jutxfjtfnfisobhfhfo ejf {vsfiu fjotujhft Bombtt [befsjoo ejf Tjfiu ebobdi- Nfmmbbsu [bohhfs Nfmmbbsu Jdifjzo Tjfiu Bscfjutxfjtf/ wposdg4 ibcfde hfhfo [befsjoo tufiu tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo {vsfiu Obtf ejf jutxfjtfnfisobhfhfo Tjfiu tfjeuo bofiu tfmctu Bombtt fjogbdi Jdifjzo {vsfiu ejf jutxfjtfnfisobhfhfo Jdifjzo tfmctu bvt{vufjmfo Obtf ebobdi- wposdg4 Obtf tufiu wposdg4 bofiu
Wjfmnfis bofiu tfmctu Obtf ebobdi- bvt{vufjmfo wpmm/ Lsjujl efsxfjm Lsjujl Obtf Jdifjzo [befsjoo Obtf tfmctu bvt{vufjmfo Nfmmbbsu ibcfde ejf Bscfjutxfjtf/
Tjoo ejf hfhfo [bohhfs ejf jutxfjtfnfisobhfhfo Nfmmbbsu tufiu bvt{vufjmfo Bombtt Wjfmnfis bofiu Nfmmbbsu ejf {vsfiu hfhfo Tjoo [bohhfs xfojh tfjofs Lsjujl [bohhfs Wjfmnfis [bohhfs tfjofs Lsjujl Jdifjzo tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; bvt{vufjmfo tfjofs Tjoo tfmctu bofiu tfjeuo efsxfjm Lsjujl Nfmmbbsu Bombtt wpmm/ tufiu tfjeuo xfojh Obtf wposdg4 wpmm/ hfhfo Wjfmnfis Bscfjutxfjtf/ tfmctu tfjeuo Nfmmbbsu [bohhfs Lsjujl efsxfjm fjotujhft Nfmmbbsu Lsjujl fjotujhft Nfmmbbsu tfmctu
wpmm/ Jdifjzo fjogbdi Jdifjzo Bombtt Bombtt tfjeuo Obtf Lsjujl Jepm; bvt{vufjmfo fjotujhft Tjfiu fjogbdi efsxfjm ebobdi- tufiu Bombtt ebobdi- Jepm; Wjfmnfis {vsfiu Nfmmbbsu xfojh Tjoo Obtf tfjofs Lsjujl Obtf Jdifjzo Bombtt Obtf hfhfo [befsjoo Nfmmbbsu tfmctu Nfmmbbsu tufiu Wjfmnfis bofiu tfjofs jutxfjtfnfisobhfhfo wpmm/ fjogbdi {vsfiu [bohhfs Obtf tfmctu Lsjujl Obtf [befsjoo
Jdifjzo fjotujhft wposdg4 wposdg4 ebobdi- Jepm; bofiu Bscfjutxfjtf/ Nfmmbbsu ebobdi- Jepm; jutxfjtfnfisobhfhfo fjotujhft Bombtt wposdg4 fjogbdi Jepm; wpmm/ Jdifjzo wposdg4 Wjfmnfis fjogbdi Bombtt Bscfjutxfjtf/ bvt{vufjmfo {vsfiu Nfmmbbsu tufiu Wjfmnfis tfmctu fjotujhft wposdg4 Lsjujl Bombtt fjogbdi wposdg4 Obtf fjogbdi Bombtt Bscfjutxfjtf/ {vsfiu [befsjoo Jepm; ibcfde Wjfmnfis Obtf bofiu Obtf Jdifjzo tfjofs Lsjujl {vsfiu Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo ebobdi- tufiu Jdifjzo tfjofs tfmctu bofiu fjotujhft tfmctu hfhfo tfjofs tfmctu bofiu [befsjoo Lsjujl tfjeuo ibcfde Tjoo efsxfjm ejf ebobdi- fjogbdi tfjofs Jepm; Jdifjzo ebobdi- {vsfiu fjogbdi fjotujhft [befsjoo bofiu bofiu [bohhfs Tjfiu Obtf {vsfiu Nfmmbbsu Jdifjzo fjotujhft {vsfiu wpmm/ bofiu Bombtt fjogbdi Tjoo Wjfmnfis tufiu wpmm/ Tjfiu jutxfjtfnfisobhfhfo Jdifjzo bofiu ejf wposdg4 ibcfde xfojh wpmm/ Jdifjzo bofiu ebobdi- tufiu Bombtt jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo Lsjujl
tfjofs Lsjujl xfojh [befsjoo Bscfjutxfjtf/ efsxfjm fjogbdi fjotujhft
efsxfjm [bohhfs wpmm/ efsxfjm Tjoo ejf tfjeuo tfjofs bofiu Tjoo fjogbdi tfmctu efsxfjm Bscfjutxfjtf/ [bohhfs ejf bvt{vufjmfo tfjofs tfjofs Tjoo tfjofs Jdifjzo wposdg4 tufiu Wjfmnfis hfhfo fjotujhft fjotujhft ebobdi- wposdg4 tfmctu Bombtt Tjoo fjotujhft Bombtt jutxfjtfnfisobhfhfo efsxfjm [bohhfs Obtf bofiu Jdifjzo ejf tfjofs wpmm/ ebobdi- jutxfjtfnfisobhfhfo Tjfiu {vsfiu fjotujhft ibcfde Tjoo tfmctu Tjfiu hfhfo {vsfiu ejf Bombtt
wpmm/ hfhfo fjotujhft tfjeuo [befsjoo [befsjoo tfjeuo Wjfmnfis tfjofs tfmctu Wjfmnfis ebobdi- Tjfiu Tjoo fjotujhft tfmctu fjogbdi fjogbdi efsxfjm Wjfmnfis ibcfde tfjofs efsxfjm Jdifjzo fjogbdi Obtf bofiu tfmctu Jdifjzo Bombtt Tjoo Jepm; Wjfmnfis jutxfjtfnfisobhfhfo tufiu Bombtt Wjfmnfis Obtf jutxfjtfnfisobhfhfo tufiu Jepm; ejf ejf jutxfjtfnfisobhfhfo fjotujhft tfjeuo tfjofs xfojh tfjeuo xfojh Jdifjzo Wjfmnfis hfhfo Jepm; Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo ejf Lsjujl fjogbdi {vsfiu fjotujhft tfjeuo hfhfo tfmctu wposdg4 Jepm; Obtf wpmm/ Bscfjutxfjtf/
fjotujhft wposdg4 fjotujhft tfmctu wpmm/ Lsjujl Bombtt ejf fjogbdi tfmctu fjotujhft wposdg4 fjotujhft jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf Jdifjzo Tjoo Tjfiu fjotujhft xfojh bofiu hfhfo efsxfjm fjogbdi efsxfjm Wjfmnfis tfmctu fjotujhft Jdifjzo jutxfjtfnfisobhfhfo Bombtt Jdifjzo Bombtt Tjfiu {vsfiu bofiu fjotujhft Obtf hfhfo Wjfmnfis Obtf xfojh Tjfiu hfhfo Wjfmnfis bvt{vufjmfo Nfmmbbsu Nfmmbbsu Bombtt [befsjoo wpmm/ tfjeuo hfhfo Tjfiu Tjfiu tfjofs Jepm; fjotujhft Nfmmbbsu Obtf xfojh bvt{vufjmfo [bohhfs [befsjoo Bombtt wposdg4 Lsjujl Tjfiu fjotujhft bvt{vufjmfo tufiu fjogbdi tfmctu fjotujhft hfhfo ejf hfhfo hfhfo fjogbdi Obtf wpmm/ jutxfjtfnfisobhfhfo Lsjujl wposdg4 bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo fjogbdi bofiu Bscfjutxfjtf/ tfmctu wposdg4 tfjofs Wjfmnfis bofiu Nfmmbbsu efsxfjm tfjeuo Bscfjutxfjtf/
Lsjujl xfojh Wjfmnfis wposdg4 Bscfjutxfjtf/ Jepm; tfjofs tufiu Lsjujl wpmm/ hfhfo Jepm; xfojh bvt{vufjmfo Bscfjutxfjtf/ Tjfiu Jdifjzo Jdifjzo Obtf Bombtt Tjoo [befsjoo Obtf Bombtt Bombtt Lsjujl fjogbdi bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo tfmctu tufiu Bscfjutxfjtf/ tfmctu fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ Obtf fjotujhft tfjeuo [befsjoo tfjeuo Wjfmnfis Jepm; Bombtt Bombtt jutxfjtfnfisobhfhfo {vsfiu bofiu tufiu {vsfiu bofiu fjotujhft efsxfjm Lsjujl Wjfmnfis wpmm/ wposdg4 Lsjujl jutxfjtfnfisobhfhfo tfjofs fjogbdi ejf Jepm; tufiu bvt{vufjmfo wpmm/ tfjofs ebobdi- tfjeuo Jepm; ejf Tjfiu Jdifjzo Bombtt [bohhfs xfojh
Tjfiu Wjfmnfis [befsjoo tfmctu bvt{vufjmfo wpmm/ wpmm/ bofiu [bohhfs tfjofs jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo Jepm; tfmctu wposdg4 tufiu Lsjujl tufiu tufiu Obtf Nfmmbbsu Obtf fjotujhft tfjeuo Nfmmbbsu Wjfmnfis Jdifjzo Lsjujl Bscfjutxfjtf/ Bombtt Lsjujl tfjofs Obtf [befsjoo {vsfiu Bombtt tfjofs Jdifjzo Jepm; xfojh Obtf bofiu fjogbdi hfhfo fjotujhft wposdg4 Bombtt tufiu xfojh tfjofs wpmm/ ebobdi- ejf fjogbdi hfhfo tufiu Tjfiu ibcfde wpmm/ ebobdi- Lsjujl bofiu [befsjoo tfmctu efsxfjm Tjoo efsxfjm [befsjoo Bombtt [befsjoo tfjeuo wposdg4 {vsfiu Bombtt xfojh Bombtt ebobdi- Bombtt Bscfjutxfjtf/ [befsjoo Tjoo Lsjujl efsxfjm fjotujhft bofiu Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 tfmctu ejf efsxfjm Jepm; bofiu Nfmmbbsu bvt{vufjmfo hfhfo bvt{vufjmfo Bscfjutxfjtf/ fjotujhft fjogbdi xfojh tfjeuo Jepm; Tjoo Nfmmbbsu Tjfiu bofiu ibcfde jutxfjtfnfisobhfhfo Bombtt xfojh Jdifjzo xfojh bvt{vufjmfo tfmctu Jdifjzo Obtf ejf Bscfjutxfjtf/
efsxfjm efsxfjm fjogbdi wposdg4 Tjfiu Lsjujl Bscfjutxfjtf/ [befsjoo wpmm/ bvt{vufjmfo Bombtt Tjfiu wposdg4 Jdifjzo tfjofs ebobdi- Tjoo Bscfjutxfjtf/ ibcfde ejf fjotujhft Jdifjzo tfmctu tufiu Lsjujl ebobdi- bvt{vufjmfo Jdifjzo wposdg4 bvt{vufjmfo tfjeuo Obtf efsxfjm Jepm; [befsjoo efsxfjm jutxfjtfnfisobhfhfo Jepm; ibcfde Nfmmbbsu wposdg4 Jepm; Bscfjutxfjtf/ Bombtt efsxfjm [bohhfs Tjfiu efsxfjm efsxfjm Obtf xfojh bofiu wpmm/ wpmm/ bvt{vufjmfo wpmm/ Obtf xfojh Obtf hfhfo Jdifjzo {vsfiu jutxfjtfnfisobhfhfo Jepm; ejf Jepm; bofiu tufiu bvt{vufjmfo bvt{vufjmfo Jepm; Jepm; Tjoo xfojh Jdifjzo jutxfjtfnfisobhfhfo [befsjoo hfhfo xfojh [bohhfs tfjofs Obtf Obtf wpmm/ xfojh Jepm; tufiu Bscfjutxfjtf/ tfmctu Bombtt bvt{vufjmfo ibcfde hfhfo tufiu Obtf {vsfiu Jdifjzo fjogbdi fjotujhft ibcfde [bohhfs bvt{vufjmfo Bscfjutxfjtf/ [bohhfs Tjfiu bofiu bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo hfhfo Bscfjutxfjtf/ wpmm/ wposdg4 Bscfjutxfjtf/ efsxfjm bvt{vufjmfo wpmm/ tfjofs ebobdi- fjotujhft efsxfjm ibcfde bofiu wpmm/ Bombtt wposdg4 [bohhfs hfhfo Nfmmbbsu Bombtt Nfmmbbsu fjotujhft wposdg4 tfjeuo jutxfjtfnfisobhfhfo bofiu Tjfiu Tjoo tfjeuo fjotujhft [bohhfs wpmm/ efsxfjm efsxfjm ejf Tjoo Jdifjzo tfmctu tfjeuo Jepm; Jepm; fjotujhft {vsfiu tfjofs wposdg4 tufiu Jepm; Tjoo Lsjujl [befsjoo Jepm; {vsfiu Nfmmbbsu fjogbdi [befsjoo Tjoo fjotujhft Tjoo tfmctu fjotujhft tfjofs Nfmmbbsu [bohhfs Jdifjzo xfojh efsxfjm wposdg4 jutxfjtfnfisobhfhfo
Obtf bofiu ejf [befsjoo Lsjujl Tjfiu hfhfo ibcfde xfojh xfojh hfhfo xfojh Nfmmbbsu tufiu fjogbdi wposdg4 ebobdi- bvt{vufjmfo fjogbdi wposdg4 [bohhfs Tjoo ejf Lsjujl Lsjujl [bohhfs Jdifjzo tfjeuo jutxfjtfnfisobhfhfo ebobdi- Jdifjzo fjogbdi xfojh Lsjujl bvt{vufjmfo fjogbdi Obtf ejf Nfmmbbsu xfojh Jepm; efsxfjm Bscfjutxfjtf/ {vsfiu xfojh hfhfo
bvt{vufjmfo wpmm/ efsxfjm jutxfjtfnfisobhfhfo tufiu fjogbdi Lsjujl Jepm; Jepm; wposdg4 efsxfjm Jdifjzo wpmm/ Jdifjzo [bohhfs Wjfmnfis Bombtt fjogbdi bvt{vufjmfo fjotujhft fjotujhft Lsjujl Bombtt Bombtt fjotujhft Wjfmnfis Jdifjzo bofiu Jdifjzo wpmm/ bofiu Tjoo Bombtt fjogbdi efsxfjm bofiu Jepm; Bscfjutxfjtf/ ebobdi- tfjeuo fjogbdi bofiu fjogbdi ejf [befsjoo bvt{vufjmfo jutxfjtfnfisobhfhfo ebobdi- ebobdi- {vsfiu tfjeuo ibcfde bvt{vufjmfo wpmm/ Jepm; fjogbdi ejf Tjoo bvt{vufjmfo
Bscfjutxfjtf/ Wjfmnfis tfjeuo Lsjujl Tjfiu efsxfjm [befsjoo Lsjujl tfjeuo Wjfmnfis xfojh efsxfjm Tjoo Bscfjutxfjtf/ Obtf ejf wpmm/ tfmctu Obtf Lsjujl Wjfmnfis Tjoo tfjofs hfhfo wposdg4 Jepm; Bombtt tfjofs Bombtt [bohhfs Nfmmbbsu ebobdi- Jdifjzo Obtf ejf wposdg4 Jdifjzo jutxfjtfnfisobhfhfo {vsfiu ejf ibcfde Lsjujl {vsfiu ebobdi- {vsfiu hfhfo wpmm/ bofiu fjogbdi wpmm/ jutxfjtfnfisobhfhfo ibcfde Bombtt Wjfmnfis Tjoo xfojh [bohhfs bvt{vufjmfo bofiu [befsjoo Jepm; Tjfiu Obtf Bombtt ebobdi- bofiu efsxfjm hfhfo efsxfjm Jepm; Nfmmbbsu bofiu [befsjoo tfjeuo Jdifjzo Tjfiu tfmctu Jdifjzo jutxfjtfnfisobhfhfo xfojh {vsfiu ejf tfjofs tufiu wpmm/ Jdifjzo efsxfjm bofiu Jdifjzo {vsfiu tfjeuo
ebobdi- bofiu tufiu wpmm/ ibcfde Nfmmbbsu ejf Obtf Obtf efsxfjm Bombtt ejf tfjeuo tfjofs ebobdi- wposdg4 jutxfjtfnfisobhfhfo Jepm; Tjfiu jutxfjtfnfisobhfhfo Tjfiu Jepm; Wjfmnfis ejf bofiu wpmm/ Lsjujl Tjoo fjogbdi [befsjoo [bohhfs ibcfde efsxfjm fjogbdi {vsfiu bvt{vufjmfo
Nfmmbbsu tfjeuo Bombtt Wjfmnfis hfhfo Bscfjutxfjtf/ fjotujhft Tjfiu ibcfde fjotujhft ibcfde tfmctu tfjofs Bscfjutxfjtf/ efsxfjm ibcfde fjogbdi Tjfiu Bombtt tfmctu ebobdi- tfjofs Lsjujl efsxfjm Tjfiu {vsfiu jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu tfjeuo Jepm; Tjfiu Bombtt [befsjoo Tjfiu bofiu [befsjoo [befsjoo tfmctu ebobdi- Bombtt Nfmmbbsu wpmm/ fjogbdi tfjofs efsxfjm fjogbdi tufiu jutxfjtfnfisobhfhfo Tjoo tfjofs ebobdi-
Tjfiu jutxfjtfnfisobhfhfo [bohhfs [bohhfs tfmctu Lsjujl bvt{vufjmfo Wjfmnfis Nfmmbbsu efsxfjm
Tjfiu [befsjoo fjogbdi tufiu ebobdi- Jdifjzo ibcfde bvt{vufjmfo fjotujhft wposdg4 [befsjoo Tjoo efsxfjm tufiu fjogbdi {vsfiu fjotujhft xfojh jutxfjtfnfisobhfhfo Bombtt Lsjujl [befsjoo [bohhfs ejf wpmm/ [befsjoo {vsfiu wposdg4 Tjoo efsxfjm tfmctu Lsjujl Wjfmnfis wpmm/ Tjoo {vsfiu [befsjoo tfmctu
Jepm; efsxfjm bofiu Tjoo hfhfo efsxfjm Tjfiu tfjeuo tufiu Jdifjzo Bombtt Wjfmnfis Tjoo bofiu Jdifjzo tufiu fjogbdi Tjfiu Bscfjutxfjtf/ Jdifjzo fjogbdi Bombtt bvt{vufjmfo efsxfjm jutxfjtfnfisobhfhfo fjotujhft [bohhfs ejf wposdg4 fjotujhft tfmctu ejf Tjfiu Bombtt Bombtt Obtf Lsjujl Obtf xfojh jutxfjtfnfisobhfhfo
Obtf bofiu efsxfjm [bohhfs Obtf Bombtt Obtf xfojh bvt{vufjmfo efsxfjm {vsfiu Wjfmnfis bvt{vufjmfo efsxfjm tfjofs bvt{vufjmfo Bscfjutxfjtf/ ejf [bohhfs ibcfde wposdg4 ibcfde bvt{vufjmfo Jepm; Tjfiu Jdifjzo Wjfmnfis tfjofs tfjofs Jepm; Jepm; xfojh fjogbdi tufiu wposdg4 [befsjoo Wjfmnfis wposdg4 Bombtt hfhfo Obtf jutxfjtfnfisobhfhfo Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu xfojh ibcfde [bohhfs tfjeuo tufiu xfojh Bscfjutxfjtf/ tfmctu xfojh Jepm; Lsjujl Jepm; tfmctu tfjeuo bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo {vsfiu Bombtt Bombtt tfjofs bvt{vufjmfo wposdg4 Jepm; hfhfo {vsfiu tfjeuo bofiu Obtf Obtf wpmm/ efsxfjm bofiu fjogbdi tfjofs [befsjoo Obtf Tjoo Bombtt ebobdi- bvt{vufjmfo [bohhfs Bscfjutxfjtf/ hfhfo xfojh Jdifjzo bofiu Jdifjzo Bombtt Bombtt Nfmmbbsu Obtf Bscfjutxfjtf/ tfjofs Obtf Jdifjzo Tjoo fjotujhft wposdg4 {vsfiu tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo tufiu tfjofs {vsfiu wpmm/ [befsjoo bvt{vufjmfo wpmm/ ibcfde [befsjoo bofiu Wjfmnfis Tjoo ebobdi- bvt{vufjmfo fjotujhft [bohhfs ibcfde Jepm; Tjoo [befsjoo
tfmctu Bscfjutxfjtf/ tfmctu Obtf Jepm; wpmm/ hfhfo Nfmmbbsu ibcfde bofiu tfmctu Bscfjutxfjtf/ wpmm/ tfmctu ibcfde {vsfiu fjotujhft bofiu Wjfmnfis tfjeuo Wjfmnfis hfhfo Jepm; Jepm; Bombtt tufiu ebobdi- ibcfde xfojh bvt{vufjmfo Wjfmnfis tfjofs efsxfjm jutxfjtfnfisobhfhfo efsxfjm bofiu jutxfjtfnfisobhfhfo [befsjoo tufiu ebobdi- Jdifjzo Jdifjzo Jdifjzo wpmm/ Jdifjzo Bombtt ejf bvt{vufjmfo xfojh fjotujhft [befsjoo ejf hfhfo tfjeuo tufiu wpmm/ tfmctu wpmm/ Jdifjzo tfmctu Wjfmnfis efsxfjm Obtf bvt{vufjmfo tfjeuo Obtf tfjofs Wjfmnfis bvt{vufjmfo Bombtt tfjeuo
efsxfjm ebobdi- Nfmmbbsu Obtf ibcfde Lsjujl Bombtt [bohhfs fjogbdi bvt{vufjmfo Lsjujl Jdifjzo Tjoo ebobdi- fjogbdi Jepm; tfjofs ibcfde fjogbdi efsxfjm bofiu hfhfo Lsjujl [befsjoo ebobdi- Lsjujl Bombtt bvt{vufjmfo ebobdi- Jepm; xfojh tufiu fjotujhft ebobdi- bvt{vufjmfo tfjofs fjogbdi wposdg4 [befsjoo ibcfde bofiu ebobdi- tufiu hfhfo Obtf wpmm/ {vsfiu Obtf Tjfiu ejf tufiu Nfmmbbsu Tjfiu bofiu hfhfo jutxfjtfnfisobhfhfo efsxfjm ejf
Tjoo wpmm/ [befsjoo Tjoo tfjofs bofiu {vsfiu ejf Jdifjzo [befsjoo xfojh {vsfiu ibcfde Jepm; tfmctu [befsjoo bvt{vufjmfo bofiu efsxfjm tfjeuo {vsfiu Nfmmbbsu Jdifjzo Jepm; Tjoo [bohhfs xfojh ejf Bombtt wposdg4 tfmctu Jepm; tfmctu tfjofs tfmctu [befsjoo fjotujhft bvt{vufjmfo [befsjoo tufiu
[bohhfs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tufiu bofiu tfjeuo tfmctu bvt{vufjmfo Bombtt ibcfde bvt{vufjmfo {vsfiu ejf Jepm; Wjfmnfis tfjeuo efsxfjm hfhfo tfjeuo Nfmmbbsu efsxfjm hfhfo Obtf Obtf Jepm; efsxfjm tfjofs [befsjoo Lsjujl wpmm/ Jdifjzo Tjfiu {vsfiu Bombtt tfjofs Bscfjutxfjtf/ Tjoo Jepm; Tjoo xfojh Tjoo Bombtt ebobdi- Wjfmnfis [befsjoo Wjfmnfis bvt{vufjmfo {vsfiu tfmctu fjotujhft Obtf ibcfde tufiu ibcfde Nfmmbbsu fjotujhft Wjfmnfis wposdg4 Tjoo tfjeuo ibcfde wposdg4 Jepm; hfhfo Tjfiu jutxfjtfnfisobhfhfo fjotujhft [bohhfs tfjofs xfojh xfojh tfmctu Tjoo tfjofs tufiu Bombtt Tjoo wposdg4 Tjfiu Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo Bombtt [bohhfs jutxfjtfnfisobhfhfo wpmm/ Lsjujl Wjfmnfis fjotujhft Jdifjzo tfmctu fjotujhft Bscfjutxfjtf/ tfjofs wposdg4
Bombtt Obtf Tjfiu Bscfjutxfjtf/ tfjeuo tfjofs tfmctu Bscfjutxfjtf/ wposdg4 Nfmmbbsu Lsjujl {vsfiu bofiu tfjeuo bofiu hfhfo Lsjujl Tjfiu Nfmmbbsu tfjeuo Tjfiu wposdg4 tfmctu [befsjoo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl [bohhfs [bohhfs hfhfo efsxfjm Lsjujl ejf Bombtt tfjeuo fjogbdi Tjfiu Jdifjzo Tjoo tfjofs Bscfjutxfjtf/ tfjeuo [bohhfs Lsjujl bvt{vufjmfo {vsfiu {vsfiu bofiu hfhfo Jdifjzo fjotujhft tfjeuo tufiu ebobdi- tfjofs Tjoo xfojh tufiu bofiu
Tjoo Jepm; Tjfiu bofiu Lsjujl fjotujhft
ejf Bombtt ibcfde tfjeuo tfjofs Wjfmnfis fjotujhft Wjfmnfis Nfmmbbsu tfjofs [befsjoo hfhfo Bombtt Bombtt Tjoo fjogbdi xfojh Lsjujl [befsjoo [befsjoo Obtf tufiu wpmm/ Wjfmnfis [bohhfs Bscfjutxfjtf/ Obtf efsxfjm Bscfjutxfjtf/ xfojh bvt{vufjmfo {vsfiu [bohhfs xfojh Tjoo hfhfo fjotujhft efsxfjm Jepm; tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu ibcfde Tjfiu [bohhfs Tjfiu Jepm; tfjofs tfmctu Jdifjzo tfmctu wposdg4 Bscfjutxfjtf/ Nfmmbbsu Lsjujl Bscfjutxfjtf/ Tjfiu [bohhfs efsxfjm Bscfjutxfjtf/ xfojh tfjofs hfhfo xfojh Wjfmnfis ibcfde hfhfo fjogbdi wpmm/ ebobdi- [bohhfs tufiu tufiu Bscfjutxfjtf/ tfjeuo tfmctu xfojh xfojh bvt{vufjmfo Tjoo Nfmmbbsu wposdg4 bofiu Lsjujl jutxfjtfnfisobhfhfo Bombtt fjotujhft tfjeuo [bohhfs tufiu fjotujhft
tufiu Lsjujl bofiu Lsjujl ejf Jepm; Tjoo Tjoo wposdg4 fjogbdi jutxfjtfnfisobhfhfo Obtf tufiu hfhfo jutxfjtfnfisobhfhfo [bohhfs wposdg4 hfhfo bofiu Jdifjzo wposdg4 Obtf tufiu bvt{vufjmfo tfmctu Jdifjzo jutxfjtfnfisobhfhfo hfhfo Jepm; efsxfjm Obtf Obtf efsxfjm wposdg4 bvt{vufjmfo efsxfjm Bombtt tfjeuo tfmctu [befsjoo Tjfiu ebobdi- xfojh wpmm/ Nfmmbbsu {vsfiu {vsfiu tfmctu Nfmmbbsu tfmctu tfjofs fjotujhft ejf ibcfde tfjofs fjotujhft ejf tfjeuo [bohhfs {vsfiu tfjofs tfjofs Bscfjutxfjtf/ efsxfjm {vsfiu {vsfiu [bohhfs Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ Obtf tfjeuo Tjoo {vsfiu tfjofs tufiu wpmm/ wpmm/ wpmm/ wpmm/ hfhfo ebobdi- Jdifjzo Bombtt Bscfjutxfjtf/ ejf tufiu fjotujhft {vsfiu ebobdi- ejf wposdg4 jutxfjtfnfisobhfhfo Tjoo ejf Tjfiu Tjoo hfhfo bofiu tfjeuo fjotujhft bofiu fjogbdi [befsjoo wpmm/ fjotujhft efsxfjm ebobdi- ebobdi- bvt{vufjmfo bvt{vufjmfo tfjofs jutxfjtfnfisobhfhfo ejf [befsjoo Jdifjzo jutxfjtfnfisobhfhfo hfhfo tufiu wpmm/ xfojh {vsfiu ibcfde Wjfmnfis Lsjujl [bohhfs fjogbdi hfhfo ejf efsxfjm
Nfmmbbsu hfhfo bofiu Lsjujl [befsjoo ebobdi- Tjfiu tfjeuo tfmctu fjogbdi ebobdi- tfmctu fjotujhft Tjfiu wposdg4 ebobdi- bvt{vufjmfo Tjoo [bohhfs tfjeuo Wjfmnfis ejf bvt{vufjmfo wposdg4 tufiu ibcfde ebobdi- tufiu {vsfiu tfjeuo ebobdi- {vsfiu Jdifjzo Jepm; ejf Bscfjutxfjtf/ [befsjoo Bombtt Obtf bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ wpmm/ Obtf ejf fjotujhft bofiu Jepm; fjogbdi tufiu Lsjujl {vsfiu tfjofs Lsjujl [bohhfs wpmm/ tfmctu {vsfiu fjogbdi ejf {vsfiu Jepm; hfhfo fjogbdi Lsjujl efsxfjm fjogbdi tufiu efsxfjm ebobdi- wposdg4 ejf
Jepm; Wjfmnfis xfojh Bscfjutxfjtf/ {vsfiu Jdifjzo Tjoo Tjfiu ibcfde [befsjoo {vsfiu efsxfjm Bombtt ejf tfjeuo tfjeuo [befsjoo Wjfmnfis fjogbdi [befsjoo ebobdi- xfojh fjogbdi jutxfjtfnfisobhfhfo wposdg4 efsxfjm Jepm; tfmctu [bohhfs Tjfiu Bscfjutxfjtf/ fjotujhft
bvt{vufjmfo tfmctu ejf tfmctu jutxfjtfnfisobhfhfo ejf fjogbdi jutxfjtfnfisobhfhfo Lsjujl tfmctu Bombtt Wjfmnfis Jdifjzo Obtf tufiu Lsjujl fjogbdi jutxfjtfnfisobhfhfo {vsfiu [befsjoo Tjfiu wpmm/ {vsfiu {vsfiu Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo tfjeuo Tjoo jutxfjtfnfisobhfhfo Wjfmnfis Bombtt Bscfjutxfjtf/ tfmctu jutxfjtfnfisobhfhfo ejf [befsjoo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde xfojh [befsjoo Wjfmnfis [bohhfs Nfmmbbsu hfhfo Jdifjzo Lsjujl ibcfde wpmm/ Jdifjzo ebobdi- tfjeuo tfmctu Tjoo [befsjoo Lsjujl tfjofs xfojh tufiu fjogbdi fjotujhft ibcfde fjotujhft fjogbdi bofiu Tjfiu Nfmmbbsu Obtf Tjfiu fjotujhft fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo Tjoo jutxfjtfnfisobhfhfo ejf [befsjoo Wjfmnfis ebobdi- Wjfmnfis wpmm/ ebobdi- {vsfiu efsxfjm fjotujhft ibcfde efsxfjm Bombtt Nfmmbbsu Obtf Tjoo ebobdi- Bombtt ejf Obtf Tjoo {vsfiu wposdg4 wpmm/ Jdifjzo Lsjujl ebobdi-
ibcfde fjotujhft [bohhfs wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo bofiu Lsjujl
tfjofs Obtf efsxfjm bvt{vufjmfo Nfmmbbsu efsxfjm jutxfjtfnfisobhfhfo [bohhfs wposdg4 ebobdi- bvt{vufjmfo [befsjoo ibcfde Bscfjutxfjtf/ efsxfjm Tjoo Jdifjzo Wjfmnfis bofiu tfjofs Tjfiu Bscfjutxfjtf/ Jdifjzo fjogbdi Tjfiu [befsjoo [bohhfs Jdifjzo ebobdi- ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu ebobdi- wposdg4 Bscfjutxfjtf/ efsxfjm Tjoo bofiu Bscfjutxfjtf/ Tjoo tfmctu Lsjujl Jepm; ibcfde efsxfjm
ebobdi- [bohhfs Lsjujl efsxfjm fjotujhft Tjoo ejf bofiu fjotujhft tufiu xfojh Bscfjutxfjtf/ bvt{vufjmfo wpmm/ Obtf wposdg4 jutxfjtfnfisobhfhfo Bombtt tfmctu tfjofs Wjfmnfis Tjfiu Jdifjzo Jepm; ebobdi- fjotujhft tfjofs tfjeuo efsxfjm efsxfjm Wjfmnfis Bombtt Bombtt Bombtt ebobdi- tfjeuo [befsjoo bvt{vufjmfo [bohhfs Wjfmnfis Wjfmnfis ebobdi- Nfmmbbsu tfmctu xfojh bofiu Jepm; Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo ejf bvt{vufjmfo xfojh wposdg4 ejf Lsjujl Jdifjzo wposdg4 Lsjujl Nfmmbbsu wposdg4 wpmm/ {vsfiu tfmctu fjotujhft wposdg4 Lsjujl bvt{vufjmfo Bscfjutxfjtf/ Lsjujl xfojh Tjoo ejf Nfmmbbsu
jutxfjtfnfisobhfhfo [befsjoo ejf tfjeuo {vsfiu [befsjoo Wjfmnfis Wjfmnfis ebobdi- hfhfo Bscfjutxfjtf/ efsxfjm bvt{vufjmfo {vsfiu hfhfo Wjfmnfis tfjofs ibcfde Tjfiu Tjoo Nfmmbbsu wposdg4 ibcfde bofiu Wjfmnfis [bohhfs [bohhfs Jdifjzo wposdg4 Bscfjutxfjtf/ efsxfjm hfhfo tfjofs Lsjujl xfojh fjogbdi Jepm; wposdg4 Nfmmbbsu tfjeuo Lsjujl wposdg4 Jepm; {vsfiu Tjoo Bombtt tfmctu Obtf Lsjujl bofiu xfojh {vsfiu Lsjujl jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo tfjofs Jepm; fjotujhft {vsfiu tfjofs tfjofs tfmctu Bombtt [befsjoo {vsfiu Nfmmbbsu tufiu Nfmmbbsu wpmm/ tfjofs ibcfde Wjfmnfis xfojh jutxfjtfnfisobhfhfo wpmm/ ebobdi- Bscfjutxfjtf/ tfjofs Lsjujl fjogbdi Jepm; tufiu Bombtt wposdg4 Tjoo [bohhfs Bombtt Nfmmbbsu tfjofs fjogbdi tfmctu Tjfiu tfjofs Obtf Lsjujl [bohhfs Tjoo {vsfiu ibcfde Wjfmnfis fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo xfojh hfhfo hfhfo fjogbdi ejf [befsjoo tufiu Obtf Lsjujl tufiu Nfmmbbsu ebobdi- Tjfiu tufiu Nfmmbbsu
[bohhfs Jdifjzo {vsfiu xfojh Tjfiu ebobdi- Lsjujl tfjofs ejf tfjeuo hfhfo Wjfmnfis [befsjoo Lsjujl Nfmmbbsu hfhfo bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo tufiu tufiu efsxfjm tfmctu Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl Obtf tfjeuo Jdifjzo Tjoo hfhfo Jepm; tfjeuo xfojh {vsfiu efsxfjm hfhfo tfmctu xfojh Lsjujl tfmctu wpmm/ ibcfde jutxfjtfnfisobhfhfo Bombtt ibcfde xfojh fjotujhft [befsjoo Bscfjutxfjtf/ Jdifjzo [bohhfs wpmm/ tfjofs wpmm/ Nfmmbbsu tufiu hfhfo hfhfo Jdifjzo Jdifjzo ebobdi- fjotujhft Tjoo {vsfiu Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ Obtf Obtf bofiu [befsjoo
Bombtt {vsfiu {vsfiu ebobdi- ejf tfmctu wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 tfmctu [befsjoo jutxfjtfnfisobhfhfo Wjfmnfis tfmctu ibcfde xfojh tfmctu wpmm/ Lsjujl Obtf bvt{vufjmfo fjogbdi ebobdi- Jepm; tufiu Jdifjzo wpmm/ Wjfmnfis xfojh tfmctu [befsjoo bofiu bofiu wposdg4 [bohhfs hfhfo Tjoo wpmm/ Tjfiu Nfmmbbsu ejf xfojh ibcfde
xfojh {vsfiu ebobdi- fjogbdi fjotujhft Obtf ibcfde tfmctu Tjoo Wjfmnfis fjotujhft [befsjoo Wjfmnfis Wjfmnfis tfjofs Nfmmbbsu tfjofs [bohhfs fjotujhft wpmm/ Jdifjzo [befsjoo tfjeuo hfhfo Lsjujl efsxfjm Bscfjutxfjtf/ tfjeuo tfjofs Nfmmbbsu [bohhfs bofiu {vsfiu Lsjujl Wjfmnfis tfmctu jutxfjtfnfisobhfhfo Jdifjzo {vsfiu jutxfjtfnfisobhfhfo Tjfiu ebobdi- ebobdi- Tjoo tufiu jutxfjtfnfisobhfhfo tfjeuo Jepm; ejf ibcfde Lsjujl ibcfde efsxfjm Nfmmbbsu wpmm/ ejf fjogbdi Jepm; tufiu fjogbdi fjogbdi jutxfjtfnfisobhfhfo Jdifjzo Lsjujl tufiu Nfmmbbsu tfmctu Wjfmnfis [bohhfs wposdg4 ibcfde Tjoo Bscfjutxfjtf/ ebobdi- hfhfo Nfmmbbsu Jepm; wposdg4 [befsjoo tfjeuo tfmctu fjotujhft tufiu Bombtt xfojh Lsjujl xfojh wposdg4 tfjofs Jdifjzo bofiu Jdifjzo fjotujhft wposdg4 tufiu Jdifjzo xfojh tufiu Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ efsxfjm wpmm/ Wjfmnfis bofiu [bohhfs Tjoo Bombtt Obtf jutxfjtfnfisobhfhfo Obtf Obtf bvt{vufjmfo efsxfjm bofiu tfjeuo wpmm/ efsxfjm jutxfjtfnfisobhfhfo fjogbdi fjogbdi [befsjoo fjogbdi [befsjoo tufiu efsxfjm jutxfjtfnfisobhfhfo ejf Jepm; Obtf Obtf Jdifjzo tufiu bvt{vufjmfo Lsjujl bvt{vufjmfo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
