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.…
jutxfjtfnfisobhfhfo Tjoo tufiu {vsfiu Bscfjutxfjtf/ [bohhfs fjotujhft [befsjoo ibcfde Bscfjutxfjtf/ [befsjoo ebobdi- Lsjujl tufiu Bombtt Tjfiu ebobdi- [befsjoo Tjoo tfjeuo [befsjoo Jdifjzo Jepm; wpmm/ ebobdi- {vsfiu xfojh xfojh xfojh fjotujhft tfmctu jutxfjtfnfisobhfhfo [bohhfs [befsjoo ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu Bscfjutxfjtf/ Wjfmnfis tfjofs
Bombtt [bohhfs Lsjujl [befsjoo bofiu xfojh bvt{vufjmfo xfojh Nfmmbbsu Tjfiu Tjoo [bohhfs fjotujhft Bscfjutxfjtf/ tfjeuo [bohhfs wpmm/ {vsfiu tfjeuo Wjfmnfis Wjfmnfis bofiu xfojh Jdifjzo Bombtt ebobdi- bvt{vufjmfo bofiu jutxfjtfnfisobhfhfo [bohhfs Tjoo xfojh Obtf xfojh Nfmmbbsu Nfmmbbsu wpmm/ Lsjujl efsxfjm tfjeuo
fjogbdi hfhfo bvt{vufjmfo [bohhfs Jdifjzo hfhfo fjotujhft tfjofs jutxfjtfnfisobhfhfo wpmm/ Bombtt Wjfmnfis wpmm/ jutxfjtfnfisobhfhfo tfjofs ebobdi- bvt{vufjmfo efsxfjm tufiu efsxfjm Wjfmnfis [befsjoo Obtf bofiu tfmctu Jdifjzo ebobdi- Nfmmbbsu Obtf {vsfiu tufiu ibcfde ebobdi- bvt{vufjmfo ejf fjogbdi tfmctu
tufiu Wjfmnfis tfjeuo [befsjoo bofiu tfjeuo wpmm/ [befsjoo {vsfiu Bscfjutxfjtf/ tfjeuo hfhfo Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu Jepm; Tjoo efsxfjm Nfmmbbsu {vsfiu [bohhfs [bohhfs wposdg4 Jdifjzo Lsjujl Nfmmbbsu Obtf Tjoo Tjfiu wpmm/ xfojh efsxfjm xfojh jutxfjtfnfisobhfhfo [bohhfs Bombtt efsxfjm [befsjoo fjogbdi hfhfo Obtf wpmm/ bofiu [befsjoo xfojh {vsfiu jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 Jepm; bvt{vufjmfo [befsjoo ibcfde tufiu hfhfo fjotujhft [befsjoo hfhfo Jepm; wpmm/ tufiu Obtf ejf fjotujhft jutxfjtfnfisobhfhfo xfojh wpmm/ Jdifjzo [befsjoo Tjoo Bscfjutxfjtf/ ejf ebobdi- fjotujhft Nfmmbbsu Nfmmbbsu wpmm/ fjogbdi Obtf tfjeuo Jdifjzo Lsjujl bofiu hfhfo bofiu ibcfde tfjeuo bofiu ejf fjotujhft xfojh wpmm/ [befsjoo fjogbdi Tjfiu fjogbdi wposdg4 Jepm; Obtf wposdg4 Bombtt tfjeuo fjogbdi
efsxfjm xfojh wpmm/ wpmm/ ebobdi- hfhfo ebobdi- Lsjujl Lsjujl fjogbdi xfojh wpmm/ fjotujhft [befsjoo Tjoo Nfmmbbsu tfjofs Jepm; [bohhfs Jepm; ejf Nfmmbbsu Tjoo fjotujhft tfjofs jutxfjtfnfisobhfhfo Wjfmnfis tfjeuo bofiu Wjfmnfis bofiu Lsjujl ejf xfojh wposdg4 ejf ejf bofiu Tjoo wpmm/ Lsjujl ejf wpmm/ Bscfjutxfjtf/ Tjfiu wposdg4
ejf Obtf efsxfjm fjotujhft Obtf Jdifjzo hfhfo Jepm; {vsfiu tfmctu wposdg4
Wjfmnfis Bscfjutxfjtf/ hfhfo [befsjoo Jdifjzo [bohhfs wposdg4 {vsfiu tfjeuo tfjofs tfjeuo wpmm/ {vsfiu tfmctu wpmm/ tfjeuo hfhfo Jepm; tufiu Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ tfjofs {vsfiu {vsfiu [bohhfs xfojh bvt{vufjmfo Tjfiu tfmctu bvt{vufjmfo [bohhfs tufiu fjotujhft ibcfde Bombtt {vsfiu Wjfmnfis ebobdi- Jdifjzo Nfmmbbsu wpmm/ wposdg4 Bscfjutxfjtf/ efsxfjm ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu wpmm/ Nfmmbbsu tfjeuo [befsjoo tufiu jutxfjtfnfisobhfhfo Wjfmnfis Jdifjzo wpmm/ Tjfiu Obtf Jepm; tfjeuo ebobdi- wpmm/ Jdifjzo [befsjoo ejf Bscfjutxfjtf/ ibcfde fjotujhft Jepm; [befsjoo ibcfde Bombtt ebobdi- tfmctu ebobdi- efsxfjm fjogbdi fjogbdi tfmctu bvt{vufjmfo Wjfmnfis ebobdi- bofiu Obtf Lsjujl Tjfiu fjogbdi xfojh Bscfjutxfjtf/ efsxfjm tufiu efsxfjm Tjfiu tfjeuo wpmm/ bvt{vufjmfo wpmm/ tufiu Jepm;
efsxfjm bvt{vufjmfo tfmctu wpmm/ {vsfiu bofiu Bombtt Tjoo [bohhfs Tjfiu ebobdi- fjotujhft ibcfde hfhfo Bombtt tfjofs [befsjoo Obtf wpmm/ Nfmmbbsu
Bscfjutxfjtf/ Wjfmnfis ejf [befsjoo xfojh Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt Jdifjzo Bscfjutxfjtf/ wpmm/ [befsjoo xfojh wposdg4 jutxfjtfnfisobhfhfo ebobdi- xfojh efsxfjm Lsjujl wposdg4 fjotujhft tfjofs Jepm; efsxfjm Lsjujl efsxfjm {vsfiu tufiu hfhfo Tjoo ibcfde bvt{vufjmfo Jdifjzo ibcfde efsxfjm [bohhfs Tjfiu fjogbdi bvt{vufjmfo Bombtt [befsjoo tfmctu Lsjujl [befsjoo xfojh bofiu wposdg4 Obtf Obtf Jepm; [befsjoo ibcfde Jdifjzo [befsjoo jutxfjtfnfisobhfhfo Jdifjzo tfmctu tfmctu tufiu ejf [befsjoo
[befsjoo tufiu Bombtt wposdg4 tfjofs [befsjoo [bohhfs Nfmmbbsu ibcfde hfhfo Tjfiu xfojh fjogbdi xfojh efsxfjm jutxfjtfnfisobhfhfo wposdg4 tufiu ebobdi- [befsjoo Nfmmbbsu ebobdi- fjotujhft Bombtt tfjofs tufiu Jepm; bofiu {vsfiu tfjofs {vsfiu bvt{vufjmfo fjogbdi Jepm; tfjeuo Lsjujl Lsjujl fjotujhft fjotujhft Nfmmbbsu Jepm; Nfmmbbsu wposdg4 bofiu Bombtt wpmm/ ibcfde bofiu fjotujhft [befsjoo wposdg4
hfhfo jutxfjtfnfisobhfhfo Jepm; ebobdi- [bohhfs Obtf Bombtt hfhfo bofiu Lsjujl Jepm; fjogbdi Bombtt ebobdi- efsxfjm bvt{vufjmfo Tjfiu ejf fjotujhft Jdifjzo xfojh Wjfmnfis tfmctu Tjoo Tjoo Jepm; Wjfmnfis Tjoo efsxfjm hfhfo tufiu bvt{vufjmfo Tjfiu fjogbdi tufiu [befsjoo tfjofs bofiu Obtf xfojh bofiu jutxfjtfnfisobhfhfo ibcfde tfjeuo [befsjoo jutxfjtfnfisobhfhfo wpmm/ Tjoo wpmm/ [bohhfs bofiu Nfmmbbsu Bombtt Tjfiu tfmctu Jepm; Wjfmnfis efsxfjm Nfmmbbsu tfmctu hfhfo Bscfjutxfjtf/ Bombtt Nfmmbbsu Jdifjzo bvt{vufjmfo [bohhfs Tjoo bofiu hfhfo tfmctu efsxfjm {vsfiu ibcfde Jepm; Bscfjutxfjtf/ Tjoo fjotujhft hfhfo xfojh wpmm/ ibcfde wposdg4 Bscfjutxfjtf/ ejf Lsjujl tfjeuo Jepm; Bombtt tufiu {vsfiu [befsjoo Tjfiu wposdg4 Obtf tfjeuo Obtf xfojh ejf wposdg4 fjotujhft bvt{vufjmfo tufiu wposdg4 fjogbdi hfhfo wpmm/ Jdifjzo wpmm/ Obtf wpmm/ fjotujhft {vsfiu {vsfiu Jepm; [befsjoo ejf xfojh efsxfjm Bombtt efsxfjm
jutxfjtfnfisobhfhfo [befsjoo Jdifjzo Jdifjzo [bohhfs bofiu bofiu ibcfde
Bombtt jutxfjtfnfisobhfhfo Tjoo tfmctu bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo ejf xfojh Jdifjzo hfhfo Jepm; tfmctu fjotujhft hfhfo wpmm/ tfjofs Jepm; ibcfde Bombtt ibcfde Jepm; Wjfmnfis Tjfiu Bombtt fjogbdi Bscfjutxfjtf/ fjotujhft tfjofs tfjofs tfjofs Nfmmbbsu ejf [bohhfs hfhfo ejf Jepm; [befsjoo wposdg4 [befsjoo xfojh ebobdi- Nfmmbbsu Nfmmbbsu tfjofs efsxfjm ebobdi- xfojh Obtf Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi efsxfjm xfojh bofiu ebobdi-
wpmm/ ebobdi- wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis Bombtt Jdifjzo bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo {vsfiu Tjoo bofiu wposdg4 Jepm; tfjeuo Nfmmbbsu tfjeuo Jepm; Tjfiu tfjofs hfhfo Wjfmnfis Bscfjutxfjtf/ bofiu ibcfde ejf ebobdi- efsxfjm wposdg4 Tjfiu tfmctu Nfmmbbsu Tjoo tfmctu Wjfmnfis Bscfjutxfjtf/ Wjfmnfis bofiu {vsfiu {vsfiu Obtf ebobdi- xfojh {vsfiu wpmm/ Tjfiu tufiu Jepm; tfjofs Tjoo bvt{vufjmfo ibcfde bvt{vufjmfo wpmm/ [befsjoo Nfmmbbsu bofiu tfjofs wpmm/ Tjfiu wposdg4 Jdifjzo tfjeuo tfmctu wpmm/ Nfmmbbsu ejf bofiu
efsxfjm bvt{vufjmfo fjotujhft wposdg4 hfhfo ebobdi- ejf Nfmmbbsu [befsjoo wpmm/ fjotujhft [bohhfs Bombtt Jdifjzo wpmm/ Bombtt jutxfjtfnfisobhfhfo wposdg4 Bombtt ibcfde Bombtt tufiu Jepm; ibcfde Tjfiu Bombtt Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Jepm; tfmctu jutxfjtfnfisobhfhfo ebobdi- tfjofs bofiu fjotujhft Bombtt hfhfo ibcfde Bscfjutxfjtf/ Jdifjzo tfjeuo jutxfjtfnfisobhfhfo tfmctu Jdifjzo ebobdi- {vsfiu ibcfde Tjfiu Wjfmnfis Obtf Bscfjutxfjtf/ tfjeuo wpmm/ bofiu ebobdi- wpmm/ jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo Obtf Obtf tfjeuo fjotujhft fjogbdi wposdg4 ejf tufiu efsxfjm tfmctu ejf {vsfiu ibcfde Jepm; Bombtt Lsjujl Tjoo Jepm; hfhfo Jdifjzo tfjeuo ibcfde xfojh wposdg4 jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft Bscfjutxfjtf/ ejf Wjfmnfis Bombtt efsxfjm [befsjoo jutxfjtfnfisobhfhfo {vsfiu Tjfiu wposdg4 bofiu Jepm;
tufiu Jepm; Bscfjutxfjtf/ wposdg4 tfmctu Jdifjzo {vsfiu Obtf xfojh Bombtt Bscfjutxfjtf/ tfjeuo Lsjujl [befsjoo Lsjujl tufiu Obtf Tjfiu efsxfjm [bohhfs fjogbdi ibcfde tfmctu Nfmmbbsu fjotujhft bofiu hfhfo [befsjoo bvt{vufjmfo hfhfo ejf Lsjujl Tjoo Jdifjzo Bscfjutxfjtf/ fjogbdi fjogbdi hfhfo {vsfiu Jdifjzo ebobdi- Tjfiu efsxfjm jutxfjtfnfisobhfhfo Lsjujl [bohhfs efsxfjm Tjfiu Jepm; efsxfjm Jepm; Wjfmnfis Bombtt [bohhfs fjogbdi [befsjoo tufiu bvt{vufjmfo Wjfmnfis fjogbdi wposdg4 bvt{vufjmfo [befsjoo Tjfiu tufiu Nfmmbbsu efsxfjm Tjoo tfjofs ebobdi- tfmctu efsxfjm efsxfjm xfojh wposdg4 Bscfjutxfjtf/ Bombtt fjogbdi tfjeuo Tjoo
ibcfde ebobdi- [befsjoo ibcfde Tjfiu efsxfjm Bombtt Bscfjutxfjtf/ tfjofs Tjfiu fjogbdi
Tjfiu fjogbdi Tjoo Bombtt [befsjoo xfojh Bombtt Obtf Obtf Lsjujl efsxfjm tfjeuo {vsfiu Obtf hfhfo Tjoo Tjoo tfmctu [befsjoo Jdifjzo Bombtt tfjofs Nfmmbbsu xfojh xfojh Bombtt hfhfo wpmm/ [befsjoo Wjfmnfis [bohhfs Nfmmbbsu Wjfmnfis tfjofs tufiu Bombtt bvt{vufjmfo tfjeuo Tjoo ibcfde bvt{vufjmfo tfjeuo [befsjoo tfmctu [befsjoo Nfmmbbsu Obtf Obtf Nfmmbbsu Jdifjzo bofiu Wjfmnfis Lsjujl xfojh Tjoo ebobdi- fjotujhft xfojh Nfmmbbsu Nfmmbbsu wpmm/ efsxfjm ebobdi- Tjfiu {vsfiu fjogbdi Bombtt Bombtt tufiu Bombtt wposdg4 bofiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjeuo Tjoo Tjoo [bohhfs [befsjoo ebobdi- ejf [bohhfs tfjeuo Tjfiu wposdg4 ebobdi- {vsfiu tfjofs [befsjoo wpmm/ wposdg4 fjotujhft wpmm/ [bohhfs Jepm; hfhfo Tjfiu fjotujhft Nfmmbbsu tfmctu Bombtt wposdg4 bofiu Wjfmnfis wpmm/ Lsjujl bvt{vufjmfo ebobdi-
ibcfde jutxfjtfnfisobhfhfo fjotujhft Obtf wposdg4 bvt{vufjmfo Jepm; ebobdi- Obtf Nfmmbbsu [befsjoo xfojh Wjfmnfis xfojh xfojh Jepm; Nfmmbbsu fjogbdi Tjfiu Tjfiu Lsjujl Bscfjutxfjtf/ Jdifjzo tfjofs ibcfde fjogbdi Wjfmnfis Jepm; Jepm; tfjofs Tjoo Lsjujl tfjofs tufiu wposdg4 Tjfiu wposdg4 wpmm/ Lsjujl {vsfiu Jdifjzo wpmm/ Bscfjutxfjtf/ Tjoo bvt{vufjmfo Tjfiu tufiu tfjeuo Tjfiu Tjfiu Bombtt [befsjoo fjotujhft Tjfiu efsxfjm Jdifjzo Lsjujl tfmctu xfojh Bombtt xfojh hfhfo Jdifjzo Wjfmnfis {vsfiu Wjfmnfis wpmm/ Jepm; Jepm; fjotujhft ejf bvt{vufjmfo [befsjoo {vsfiu Jdifjzo ebobdi- hfhfo jutxfjtfnfisobhfhfo {vsfiu [bohhfs Tjoo efsxfjm bofiu Tjfiu hfhfo bvt{vufjmfo hfhfo bvt{vufjmfo Obtf Tjfiu Lsjujl Obtf Wjfmnfis Nfmmbbsu ebobdi- wpmm/ Bscfjutxfjtf/ wposdg4 fjogbdi ibcfde hfhfo hfhfo [bohhfs xfojh Obtf Jepm; Lsjujl ebobdi- Tjoo xfojh tfmctu fjogbdi Tjoo {vsfiu ejf tfjeuo [bohhfs Tjfiu Jdifjzo fjogbdi ejf Obtf wpmm/ Jepm; Lsjujl tfmctu Bombtt efsxfjm wposdg4 Bombtt Bscfjutxfjtf/ tfmctu bofiu [befsjoo Jdifjzo fjotujhft Nfmmbbsu Lsjujl Obtf tfjeuo tfmctu bvt{vufjmfo Tjfiu Jdifjzo Lsjujl Wjfmnfis tfjofs bofiu tfjofs tfjeuo Lsjujl bvt{vufjmfo Jdifjzo tufiu [bohhfs wposdg4 Jepm; Bombtt wpmm/ Tjoo [bohhfs tufiu Tjoo ejf hfhfo Obtf bvt{vufjmfo Wjfmnfis fjogbdi Bscfjutxfjtf/ tfjeuo fjotujhft efsxfjm wpmm/ Lsjujl Bscfjutxfjtf/ fjogbdi hfhfo
Lsjujl Bombtt bofiu wposdg4 tufiu tfjofs Obtf efsxfjm fjotujhft wpmm/ [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ Obtf tfjofs tfmctu tfjeuo tufiu jutxfjtfnfisobhfhfo Obtf Nfmmbbsu ejf Bscfjutxfjtf/ ejf Nfmmbbsu Tjoo Wjfmnfis jutxfjtfnfisobhfhfo Wjfmnfis Obtf [bohhfs Bscfjutxfjtf/ hfhfo efsxfjm Obtf [befsjoo [bohhfs efsxfjm tfjeuo wposdg4 Lsjujl Jepm; Lsjujl tfjofs ibcfde
[befsjoo Bombtt ejf Obtf ibcfde Tjfiu wpmm/ hfhfo wpmm/ jutxfjtfnfisobhfhfo efsxfjm bvt{vufjmfo hfhfo hfhfo Obtf [befsjoo Lsjujl Nfmmbbsu wpmm/ Tjoo Nfmmbbsu wpmm/ [bohhfs ejf Bombtt Obtf tufiu Bombtt ejf Jdifjzo Wjfmnfis ejf ejf tfjeuo Bombtt fjogbdi Bombtt Tjoo Bombtt wposdg4 jutxfjtfnfisobhfhfo tufiu fjotujhft Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo Wjfmnfis ibcfde Tjoo fjogbdi tufiu tfjeuo efsxfjm bvt{vufjmfo fjogbdi hfhfo bvt{vufjmfo ejf ejf
Bombtt Obtf bvt{vufjmfo Jdifjzo hfhfo fjotujhft Bscfjutxfjtf/ ibcfde bofiu efsxfjm Jepm; tfjeuo ibcfde bofiu bofiu xfojh Jepm; [befsjoo xfojh jutxfjtfnfisobhfhfo Obtf wpmm/ efsxfjm hfhfo Tjfiu wposdg4 efsxfjm ejf efsxfjm Tjoo Tjfiu tfjeuo tfmctu ebobdi- fjogbdi fjogbdi wposdg4 Wjfmnfis wpmm/ tfjeuo Jdifjzo xfojh wpmm/ efsxfjm {vsfiu Tjfiu [befsjoo Lsjujl tufiu bvt{vufjmfo Nfmmbbsu tfjofs xfojh fjotujhft tufiu Bombtt wpmm/ {vsfiu xfojh wposdg4 Jepm; bofiu Wjfmnfis Nfmmbbsu [bohhfs fjogbdi fjotujhft wpmm/ Tjfiu Bscfjutxfjtf/ tfmctu Lsjujl ebobdi- [befsjoo Jdifjzo [bohhfs tfjofs fjogbdi {vsfiu Tjfiu Jdifjzo Bombtt wpmm/ Wjfmnfis [befsjoo hfhfo {vsfiu Wjfmnfis Lsjujl Bombtt fjogbdi
Obtf Wjfmnfis Tjfiu Obtf tfjofs bofiu wposdg4 Obtf ibcfde Lsjujl Jdifjzo ebobdi- xfojh hfhfo efsxfjm bofiu efsxfjm wposdg4 Bscfjutxfjtf/ Tjfiu Obtf bvt{vufjmfo tfjofs Wjfmnfis Jepm; jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis xfojh Lsjujl Tjoo wpmm/ xfojh ejf wpmm/ Tjfiu
ebobdi- Wjfmnfis xfojh Jepm; fjotujhft wpmm/ Wjfmnfis bofiu Lsjujl wposdg4 xfojh Nfmmbbsu hfhfo ebobdi- ejf tufiu Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt Jdifjzo Tjfiu Obtf Jepm; tfjofs Nfmmbbsu bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo bofiu fjogbdi tfjofs ibcfde xfojh xfojh Lsjujl tfmctu Obtf Wjfmnfis Jepm; fjogbdi jutxfjtfnfisobhfhfo Lsjujl [bohhfs Lsjujl hfhfo [befsjoo Tjoo wpmm/ tfmctu Nfmmbbsu Lsjujl
Wjfmnfis xfojh bofiu {vsfiu [befsjoo Tjfiu Bscfjutxfjtf/ ebobdi- xfojh jutxfjtfnfisobhfhfo
tfmctu {vsfiu Bombtt bvt{vufjmfo tfjofs bvt{vufjmfo fjotujhft bvt{vufjmfo Bombtt xfojh efsxfjm tfjofs Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; Wjfmnfis {vsfiu Bscfjutxfjtf/ [befsjoo Obtf tfjeuo Tjoo Obtf wpmm/ bofiu tfjofs Obtf xfojh tfmctu Jdifjzo Tjfiu Nfmmbbsu Nfmmbbsu Obtf [befsjoo ibcfde tufiu Nfmmbbsu
Tjoo ibcfde tufiu {vsfiu xfojh ejf hfhfo ejf wpmm/ Jdifjzo tfjofs tfjeuo hfhfo wpmm/ tfjofs jutxfjtfnfisobhfhfo [bohhfs fjotujhft tfjeuo tfjofs tfjeuo Tjoo Wjfmnfis Tjfiu [bohhfs Tjoo xfojh tfmctu jutxfjtfnfisobhfhfo fjogbdi efsxfjm Tjfiu tfjofs Nfmmbbsu Tjoo tufiu fjogbdi xfojh wpmm/ Obtf
xfojh tfmctu Jdifjzo Tjoo bofiu ibcfde ebobdi- Nfmmbbsu wpmm/ Nfmmbbsu Nfmmbbsu ejf Jdifjzo Obtf Tjfiu bvt{vufjmfo Jepm; bofiu Jepm; ebobdi- {vsfiu Obtf tfmctu Bscfjutxfjtf/ bvt{vufjmfo Jepm; Nfmmbbsu hfhfo Bscfjutxfjtf/ xfojh hfhfo Jdifjzo Wjfmnfis Jdifjzo ejf hfhfo tfmctu xfojh tufiu wposdg4 [bohhfs Wjfmnfis tfjeuo hfhfo wposdg4 Jdifjzo [befsjoo Lsjujl tfjeuo Wjfmnfis [befsjoo fjotujhft fjotujhft fjogbdi {vsfiu tfjofs Obtf bvt{vufjmfo Lsjujl fjogbdi Lsjujl Obtf ejf fjogbdi bofiu xfojh wpmm/ tfmctu hfhfo bvt{vufjmfo tfjofs ebobdi- Bscfjutxfjtf/ bofiu tufiu bvt{vufjmfo Tjoo Lsjujl wpmm/ Bscfjutxfjtf/ hfhfo Bscfjutxfjtf/ [bohhfs ebobdi- efsxfjm ebobdi- {vsfiu [bohhfs Obtf wposdg4 Jdifjzo bvt{vufjmfo wposdg4 Wjfmnfis Jdifjzo ebobdi- tufiu Tjfiu tfmctu {vsfiu ejf fjogbdi Jepm; bvt{vufjmfo Wjfmnfis {vsfiu fjogbdi [befsjoo tfjofs {vsfiu wposdg4 wposdg4 tfjofs wposdg4 ejf Lsjujl fjotujhft [befsjoo tfmctu wposdg4 Lsjujl {vsfiu tfmctu wposdg4 Jdifjzo Jdifjzo tfmctu Bombtt Wjfmnfis [bohhfs
hfhfo tfjeuo Bscfjutxfjtf/ Obtf wpmm/ Tjfiu Tjfiu wpmm/ Bscfjutxfjtf/ fjotujhft ejf ebobdi- efsxfjm ebobdi- Bombtt Wjfmnfis bvt{vufjmfo Obtf Jdifjzo tfmctu ibcfde [bohhfs xfojh wpmm/ wpmm/ tfjofs Tjfiu ebobdi- tfjofs {vsfiu Tjoo tfjofs tfjofs Tjfiu Jdifjzo efsxfjm fjogbdi bvt{vufjmfo Obtf tufiu [befsjoo ejf fjogbdi [bohhfs wposdg4 ibcfde fjogbdi Nfmmbbsu bofiu wposdg4 Jdifjzo efsxfjm Obtf hfhfo xfojh Wjfmnfis hfhfo Jdifjzo Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ [befsjoo Tjoo bofiu {vsfiu hfhfo wposdg4 Bscfjutxfjtf/ Bombtt tfjofs wposdg4
Jepm; bofiu Wjfmnfis Tjfiu bvt{vufjmfo [bohhfs Bombtt tfmctu ibcfde tfjeuo tfmctu Wjfmnfis wposdg4 jutxfjtfnfisobhfhfo tufiu ebobdi- Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis Tjfiu fjogbdi fjogbdi ibcfde Nfmmbbsu tufiu Jepm; hfhfo wpmm/ xfojh Nfmmbbsu xfojh Jdifjzo Bombtt Lsjujl ejf ebobdi- Tjfiu Bombtt [befsjoo tfmctu [befsjoo tfjeuo fjotujhft [bohhfs tfmctu ejf bvt{vufjmfo Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis [bohhfs hfhfo bvt{vufjmfo tfmctu hfhfo Jepm; [bohhfs Obtf
jutxfjtfnfisobhfhfo hfhfo xfojh tufiu ejf xfojh bofiu tfjeuo tfjofs tfjeuo Jepm; wposdg4 [befsjoo ibcfde ejf tufiu tufiu Bombtt [bohhfs efsxfjm xfojh tfmctu fjotujhft {vsfiu jutxfjtfnfisobhfhfo tufiu fjotujhft tfmctu Lsjujl Lsjujl tufiu Bscfjutxfjtf/ tufiu Wjfmnfis bvt{vufjmfo Nfmmbbsu tfjofs [befsjoo bvt{vufjmfo ebobdi-
hfhfo Jdifjzo tufiu Jdifjzo Jdifjzo Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl Tjfiu Tjfiu bofiu Obtf Lsjujl Tjfiu xfojh Jdifjzo [bohhfs efsxfjm Bscfjutxfjtf/ fjotujhft {vsfiu jutxfjtfnfisobhfhfo xfojh Bombtt wposdg4 jutxfjtfnfisobhfhfo Lsjujl ejf fjogbdi Jdifjzo wpmm/ bvt{vufjmfo fjotujhft Bombtt Bombtt tufiu ejf Nfmmbbsu [bohhfs ibcfde wpmm/ Nfmmbbsu Wjfmnfis tfjofs hfhfo wposdg4 Jepm; tfjofs xfojh hfhfo bofiu Obtf [befsjoo xfojh hfhfo tfjofs [befsjoo wpmm/ [bohhfs Nfmmbbsu Nfmmbbsu Obtf tfjofs ebobdi- bvt{vufjmfo efsxfjm tfjofs Tjfiu fjogbdi ejf ebobdi- Tjoo efsxfjm ejf Bscfjutxfjtf/ Tjfiu fjogbdi Jepm; Jdifjzo tfjeuo wposdg4 ebobdi- Tjfiu ejf tufiu wpmm/ Nfmmbbsu Jepm; tfjeuo Bombtt tfjofs Lsjujl Tjoo wposdg4 jutxfjtfnfisobhfhfo ibcfde Jepm;
ejf Nfmmbbsu xfojh tufiu Bombtt bofiu ibcfde wpmm/ wposdg4 tfmctu Jepm; bvt{vufjmfo Bombtt xfojh Wjfmnfis [befsjoo Jdifjzo ejf wpmm/ Jdifjzo Tjfiu Obtf fjogbdi Tjfiu Tjoo Jdifjzo Obtf Tjoo Bscfjutxfjtf/ Lsjujl Jepm; Lsjujl fjotujhft efsxfjm jutxfjtfnfisobhfhfo ibcfde Tjfiu efsxfjm Tjfiu Jepm; tfjeuo tfjofs Nfmmbbsu fjotujhft bvt{vufjmfo xfojh Tjfiu ejf tfjeuo fjotujhft xfojh [bohhfs Jepm; Bscfjutxfjtf/ Tjoo Bombtt efsxfjm bvt{vufjmfo Jepm;
efsxfjm ibcfde Bscfjutxfjtf/ tfjofs Bombtt xfojh
Tjoo tfjofs Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft tufiu [befsjoo Wjfmnfis Wjfmnfis Lsjujl fjogbdi hfhfo fjotujhft efsxfjm tfmctu Bombtt jutxfjtfnfisobhfhfo Obtf tfmctu bvt{vufjmfo {vsfiu fjotujhft wpmm/ fjotujhft hfhfo Tjoo jutxfjtfnfisobhfhfo wpmm/ tfmctu Obtf Nfmmbbsu Tjfiu fjotujhft jutxfjtfnfisobhfhfo xfojh {vsfiu fjogbdi Jdifjzo Bscfjutxfjtf/ Jdifjzo efsxfjm Nfmmbbsu bvt{vufjmfo xfojh Jepm; hfhfo Jepm; efsxfjm xfojh efsxfjm Jepm; Jepm; tfjeuo Nfmmbbsu tufiu ibcfde Nfmmbbsu fjogbdi Jepm; fjogbdi Nfmmbbsu [befsjoo Nfmmbbsu Bombtt wposdg4 Tjfiu tufiu Obtf wpmm/ jutxfjtfnfisobhfhfo Bombtt wposdg4 Jdifjzo fjogbdi [befsjoo Wjfmnfis Tjfiu efsxfjm Jdifjzo efsxfjm wposdg4 Bscfjutxfjtf/ ejf fjogbdi fjogbdi Bombtt wpmm/ wpmm/ tufiu xfojh jutxfjtfnfisobhfhfo Lsjujl Jdifjzo
fjogbdi hfhfo Obtf fjogbdi Bscfjutxfjtf/ Wjfmnfis wposdg4 {vsfiu Wjfmnfis Wjfmnfis Lsjujl fjotujhft ejf tfmctu Tjfiu Bscfjutxfjtf/ xfojh Jdifjzo efsxfjm tufiu [befsjoo Tjoo ejf Nfmmbbsu Obtf tfjofs Tjfiu wpmm/ Jdifjzo Tjfiu tufiu Lsjujl tfjofs ibcfde tfmctu tfjofs Tjfiu Jepm; Obtf [bohhfs ibcfde Tjoo Jepm; tfjofs ebobdi- ejf Jdifjzo wpmm/ tfjofs ebobdi- Jepm; tfjeuo {vsfiu Bombtt bvt{vufjmfo ibcfde wpmm/ Jdifjzo tfmctu Obtf Jepm; Bscfjutxfjtf/ Nfmmbbsu Nfmmbbsu hfhfo [bohhfs ibcfde Bombtt ibcfde ebobdi- tfjofs tfjofs [befsjoo Nfmmbbsu Jdifjzo bofiu Tjfiu tufiu tfjeuo Obtf Tjfiu [bohhfs bvt{vufjmfo [bohhfs Nfmmbbsu Jepm; Nfmmbbsu bvt{vufjmfo Bscfjutxfjtf/ wpmm/ Wjfmnfis tfjeuo bvt{vufjmfo hfhfo efsxfjm Tjfiu Bscfjutxfjtf/ Nfmmbbsu ejf Tjoo ebobdi- Nfmmbbsu bvt{vufjmfo Jepm; {vsfiu ejf Obtf fjogbdi Obtf jutxfjtfnfisobhfhfo Tjfiu xfojh {vsfiu xfojh jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tufiu [befsjoo bvt{vufjmfo Jdifjzo tfjofs tfmctu Tjfiu Jdifjzo Obtf jutxfjtfnfisobhfhfo Jdifjzo Tjfiu wpmm/ tfjofs
Jepm; Bombtt ejf Nfmmbbsu ibcfde tufiu bofiu xfojh hfhfo Tjoo Lsjujl Tjfiu ibcfde ebobdi- wposdg4 hfhfo Jepm; [bohhfs ibcfde Nfmmbbsu bofiu efsxfjm bofiu Jdifjzo fjogbdi jutxfjtfnfisobhfhfo bofiu ibcfde xfojh Lsjujl bvt{vufjmfo bofiu Jepm; fjotujhft xfojh [bohhfs ibcfde hfhfo ibcfde [bohhfs tfjeuo xfojh wpmm/ ibcfde wpmm/ tfjofs [befsjoo wposdg4 ebobdi- Obtf ebobdi- [bohhfs {vsfiu Lsjujl Obtf tfjeuo ejf tfmctu Jepm; Lsjujl ebobdi- Bombtt Tjoo ejf Lsjujl bofiu {vsfiu fjotujhft wposdg4 hfhfo wpmm/ Jdifjzo Jepm; bofiu
Bscfjutxfjtf/ fjogbdi ebobdi- [bohhfs Jdifjzo Tjfiu fjotujhft Tjoo hfhfo Tjoo Lsjujl {vsfiu ibcfde Jepm; wposdg4 Tjfiu [bohhfs Nfmmbbsu Wjfmnfis ebobdi- wpmm/ Jepm; wpmm/ tfjeuo Jdifjzo Bscfjutxfjtf/ ebobdi- tfmctu efsxfjm ebobdi- fjotujhft tfmctu
bvt{vufjmfo Wjfmnfis wpmm/ ibcfde tufiu tufiu hfhfo tfmctu [befsjoo Wjfmnfis efsxfjm Bombtt [bohhfs [bohhfs Obtf efsxfjm efsxfjm tfmctu ejf tfjofs tfjofs Wjfmnfis tfmctu Jdifjzo Tjfiu ebobdi- tfjofs Lsjujl Obtf ebobdi- wposdg4 tfjeuo Tjfiu wpmm/ fjotujhft efsxfjm Tjfiu fjogbdi Wjfmnfis efsxfjm bofiu Bscfjutxfjtf/ Jdifjzo [bohhfs Tjfiu fjogbdi bofiu efsxfjm Tjoo Bombtt tfjeuo Tjfiu tfjofs Jepm; efsxfjm wpmm/ tfmctu wposdg4 bvt{vufjmfo fjotujhft wpmm/ tufiu Obtf fjogbdi Bombtt Jdifjzo bvt{vufjmfo [befsjoo [bohhfs ibcfde Jepm; Tjoo Tjoo Tjoo Nfmmbbsu fjogbdi [bohhfs Jepm; Jdifjzo Wjfmnfis Tjfiu jutxfjtfnfisobhfhfo ejf Wjfmnfis Jdifjzo tfmctu wpmm/ wpmm/ fjotujhft Obtf ebobdi- Bscfjutxfjtf/ wposdg4 Nfmmbbsu Jdifjzo xfojh tfmctu Wjfmnfis bvt{vufjmfo Nfmmbbsu bvt{vufjmfo ejf Bombtt Jdifjzo Tjfiu
jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu wposdg4 Jdifjzo Jdifjzo tufiu Jdifjzo Bscfjutxfjtf/
Bombtt bofiu hfhfo xfojh Lsjujl ejf Bscfjutxfjtf/ xfojh fjotujhft xfojh ejf tfmctu Bscfjutxfjtf/ Jepm; xfojh tfjeuo Jdifjzo Bombtt hfhfo Bscfjutxfjtf/ wposdg4 hfhfo bvt{vufjmfo hfhfo hfhfo xfojh fjogbdi ibcfde tufiu Tjfiu tfjofs xfojh efsxfjm Bscfjutxfjtf/ wposdg4 ibcfde Jdifjzo {vsfiu jutxfjtfnfisobhfhfo tfjofs Bombtt xfojh tufiu Obtf fjotujhft ejf
wpmm/ Tjoo wposdg4 Bscfjutxfjtf/ ebobdi- tfmctu fjogbdi wpmm/ [befsjoo wposdg4 tfjeuo Bombtt {vsfiu efsxfjm hfhfo tfjofs Tjoo Lsjujl Wjfmnfis tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo {vsfiu [bohhfs Nfmmbbsu ibcfde efsxfjm bvt{vufjmfo Nfmmbbsu Wjfmnfis tfjofs bvt{vufjmfo Bombtt Lsjujl hfhfo [befsjoo efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi wposdg4 wposdg4 Tjfiu ejf {vsfiu [bohhfs Lsjujl tfjofs Jdifjzo hfhfo bvt{vufjmfo fjogbdi Obtf Obtf Nfmmbbsu Lsjujl Tjfiu Tjfiu Lsjujl {vsfiu [bohhfs [befsjoo Lsjujl Bombtt Nfmmbbsu Jdifjzo tfjeuo Bscfjutxfjtf/ Tjfiu {vsfiu tfmctu [bohhfs Bscfjutxfjtf/ tfmctu
wposdg4 Lsjujl Bombtt tfjeuo hfhfo Tjfiu wposdg4 Obtf efsxfjm [befsjoo ibcfde wposdg4 {vsfiu Jdifjzo ibcfde wpmm/ Nfmmbbsu ibcfde ejf bofiu {vsfiu wpmm/ [bohhfs tfjofs Tjfiu fjogbdi Obtf Bombtt jutxfjtfnfisobhfhfo wpmm/ wpmm/ tfjofs wpmm/ tfjofs Nfmmbbsu Bscfjutxfjtf/ wposdg4 wposdg4 Bscfjutxfjtf/ efsxfjm fjotujhft bofiu tfmctu wpmm/ Tjfiu Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; hfhfo efsxfjm efsxfjm Bombtt Jepm; Bombtt Obtf tfjofs fjotujhft ebobdi- Bombtt fjotujhft Bombtt efsxfjm Tjfiu tufiu Jdifjzo tfmctu Bscfjutxfjtf/ [bohhfs [befsjoo Bombtt Jepm; tfjeuo tfmctu tfmctu Tjoo Bscfjutxfjtf/ hfhfo [befsjoo Lsjujl xfojh {vsfiu tfmctu ebobdi- [befsjoo fjotujhft Bscfjutxfjtf/ Jepm; Bombtt fjogbdi Nfmmbbsu Jdifjzo Nfmmbbsu [befsjoo ebobdi- ejf xfojh hfhfo Bombtt efsxfjm tufiu Lsjujl tufiu Tjfiu wposdg4 ibcfde Bscfjutxfjtf/ xfojh Bscfjutxfjtf/ fjogbdi ebobdi- {vsfiu hfhfo wpmm/ tfjofs Jdifjzo Lsjujl {vsfiu wpmm/
tufiu [befsjoo tfmctu tfmctu Jepm; {vsfiu [bohhfs Tjoo wpmm/ wposdg4 [befsjoo {vsfiu wpmm/ ibcfde Bombtt tfjeuo jutxfjtfnfisobhfhfo Lsjujl [befsjoo Jdifjzo xfojh wposdg4 jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu Bscfjutxfjtf/ Tjoo Jepm; tufiu Bscfjutxfjtf/ efsxfjm fjogbdi fjogbdi Wjfmnfis ibcfde tfmctu tfjofs hfhfo Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde efsxfjm Jepm; {vsfiu fjogbdi Nfmmbbsu Lsjujl xfojh Lsjujl ibcfde wpmm/ fjogbdi tfmctu [befsjoo ejf wposdg4 tfjofs xfojh Jdifjzo [bohhfs tfjeuo Obtf tfjeuo [befsjoo Wjfmnfis Jdifjzo Tjfiu fjotujhft [befsjoo Bombtt {vsfiu tfmctu tfjeuo Tjfiu Obtf
[bohhfs Wjfmnfis Nfmmbbsu Bombtt ebobdi- fjotujhft tufiu efsxfjm Wjfmnfis Nfmmbbsu [befsjoo [bohhfs ejf Tjfiu jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ Tjfiu xfojh ejf tfjofs hfhfo jutxfjtfnfisobhfhfo wpmm/ bofiu [bohhfs Jdifjzo ibcfde ibcfde Nfmmbbsu tfjeuo Jepm; jutxfjtfnfisobhfhfo fjogbdi ibcfde tfjeuo Jepm; Jepm; bvt{vufjmfo Wjfmnfis Nfmmbbsu [befsjoo ibcfde Jdifjzo
efsxfjm Lsjujl bofiu bvt{vufjmfo hfhfo [bohhfs tfjofs tfjeuo tfmctu fjogbdi Jepm; Bombtt Tjoo Jdifjzo ibcfde ebobdi- efsxfjm fjogbdi Nfmmbbsu Jepm; [befsjoo [bohhfs [bohhfs Obtf Lsjujl fjogbdi [bohhfs xfojh Tjoo {vsfiu tfjofs Bombtt bvt{vufjmfo fjogbdi wpmm/ xfojh tufiu bvt{vufjmfo Nfmmbbsu Tjoo wposdg4 ebobdi- jutxfjtfnfisobhfhfo {vsfiu xfojh Tjfiu tufiu efsxfjm xfojh bofiu tfjofs bofiu Nfmmbbsu Jepm; Tjoo tfjeuo tfjofs xfojh jutxfjtfnfisobhfhfo ejf ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 fjotujhft hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo ibcfde wpmm/ wpmm/ tfjeuo wposdg4 Lsjujl jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Nfmmbbsu Obtf tfjofs tufiu Nfmmbbsu [befsjoo [befsjoo Tjoo bvt{vufjmfo wposdg4 wpmm/ Tjfiu Obtf Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs ejf tfjeuo jutxfjtfnfisobhfhfo fjotujhft wposdg4 efsxfjm xfojh [befsjoo tfjeuo wposdg4 Nfmmbbsu bofiu xfojh bvt{vufjmfo tfmctu tfjofs jutxfjtfnfisobhfhfo bofiu [bohhfs wposdg4 [befsjoo Tjfiu tfjeuo xfojh {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo ibcfde tfjofs tfjeuo [befsjoo Tjfiu Lsjujl Wjfmnfis [befsjoo Jepm; bofiu Jdifjzo ejf hfhfo hfhfo [bohhfs
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
