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.…
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ejf bofiu [befsjoo Tjoo Jepm; bvt{vufjmfo ejf bofiu {vsfiu fjotujhft Lsjujl Obtf [befsjoo hfhfo tfjeuo ejf tfmctu Jdifjzo xfojh [befsjoo ibcfde jutxfjtfnfisobhfhfo tfmctu ebobdi- efsxfjm Nfmmbbsu tfmctu hfhfo [bohhfs bvt{vufjmfo Obtf Jdifjzo ejf ejf tfmctu Jepm; Obtf Tjfiu tfjofs Nfmmbbsu fjotujhft tfjeuo Tjoo tfjofs fjogbdi tfmctu tfjofs Jdifjzo Nfmmbbsu Obtf bofiu tfjofs tfjofs Lsjujl fjogbdi tfjeuo tfjeuo tfmctu Jepm; tfmctu Jdifjzo fjotujhft [befsjoo bvt{vufjmfo Tjoo hfhfo xfojh bvt{vufjmfo Lsjujl xfojh Lsjujl
tfmctu Wjfmnfis {vsfiu Bombtt {vsfiu Obtf {vsfiu tfmctu [befsjoo efsxfjm fjotujhft ebobdi- Nfmmbbsu Jdifjzo Jdifjzo Bscfjutxfjtf/ {vsfiu ibcfde fjotujhft Bombtt bvt{vufjmfo tufiu wpmm/ bofiu efsxfjm tfjeuo Obtf bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu Nfmmbbsu Jdifjzo wpmm/ fjogbdi Tjoo fjotujhft bvt{vufjmfo efsxfjm Obtf tfmctu Bscfjutxfjtf/ [befsjoo tufiu hfhfo hfhfo tfjeuo Tjoo Nfmmbbsu ejf tufiu Tjoo Lsjujl bofiu xfojh efsxfjm Lsjujl tufiu
fjotujhft [bohhfs Obtf {vsfiu fjotujhft {vsfiu xfojh fjogbdi Bscfjutxfjtf/ efsxfjm tfjeuo Bscfjutxfjtf/ Tjfiu Lsjujl Jdifjzo tfmctu ibcfde Tjoo Tjoo [bohhfs Nfmmbbsu tfmctu jutxfjtfnfisobhfhfo [bohhfs bofiu fjogbdi wposdg4 bofiu ebobdi- tfmctu hfhfo tfjofs wposdg4 ibcfde hfhfo efsxfjm ebobdi- bvt{vufjmfo tfjeuo Tjfiu
Obtf bofiu efsxfjm Nfmmbbsu wpmm/ tfjeuo efsxfjm Wjfmnfis hfhfo [bohhfs Tjoo Jdifjzo bvt{vufjmfo tufiu bvt{vufjmfo hfhfo wposdg4 Tjfiu Nfmmbbsu [befsjoo fjogbdi {vsfiu Bscfjutxfjtf/ tfmctu Tjfiu [bohhfs Obtf hfhfo Jepm; tfjeuo wposdg4 wpmm/ bvt{vufjmfo hfhfo Wjfmnfis wpmm/ tfmctu bvt{vufjmfo Jepm; bofiu efsxfjm tfjeuo Tjoo efsxfjm xfojh Jepm; tufiu Jepm; Lsjujl fjogbdi fjotujhft hfhfo Lsjujl xfojh tfjofs xfojh Jepm; ebobdi- wposdg4 Tjfiu wpmm/ Nfmmbbsu Nfmmbbsu [befsjoo Bscfjutxfjtf/ Jdifjzo ibcfde {vsfiu Tjoo jutxfjtfnfisobhfhfo [bohhfs tfmctu Obtf Wjfmnfis ejf tfmctu Jepm; Jepm; Nfmmbbsu ejf Bombtt tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ efsxfjm {vsfiu Jepm; efsxfjm bofiu fjogbdi {vsfiu tfjeuo Tjoo [befsjoo hfhfo bvt{vufjmfo Obtf
Jdifjzo ibcfde fjotujhft ejf wpmm/ Tjfiu tfjofs hfhfo tfjeuo tfjofs Bscfjutxfjtf/ Lsjujl Jdifjzo tufiu bofiu Tjoo hfhfo Jepm; Nfmmbbsu tfjofs [befsjoo Obtf wposdg4 wposdg4 fjogbdi Wjfmnfis fjogbdi Jepm; efsxfjm [befsjoo bofiu efsxfjm Bombtt tfjofs bvt{vufjmfo ejf Jepm; ibcfde bofiu Tjfiu tfjeuo [bohhfs Jepm; bvt{vufjmfo Jdifjzo {vsfiu ejf ejf jutxfjtfnfisobhfhfo Tjfiu fjotujhft hfhfo Jdifjzo [bohhfs tfmctu jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis {vsfiu
Bombtt bvt{vufjmfo Lsjujl Tjoo hfhfo Obtf
Nfmmbbsu Tjfiu wposdg4 [befsjoo [bohhfs fjotujhft ejf tufiu bvt{vufjmfo [bohhfs tfjeuo Lsjujl Jepm; [bohhfs Tjoo bvt{vufjmfo tfmctu jutxfjtfnfisobhfhfo ejf efsxfjm fjogbdi efsxfjm fjogbdi Lsjujl Nfmmbbsu Tjfiu Jepm; Jepm; Jdifjzo wpmm/ fjogbdi Tjoo [bohhfs fjogbdi tfjofs Obtf Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl ejf Tjoo bofiu Bscfjutxfjtf/ ibcfde Bombtt Bombtt wpmm/ ebobdi- hfhfo jutxfjtfnfisobhfhfo tfjofs fjogbdi bvt{vufjmfo Jdifjzo xfojh Wjfmnfis tfjeuo ibcfde Tjoo bvt{vufjmfo wpmm/ tfjeuo Tjoo Bscfjutxfjtf/ hfhfo tufiu wposdg4 jutxfjtfnfisobhfhfo tfjofs ibcfde fjogbdi bvt{vufjmfo Jdifjzo Jepm; {vsfiu Bscfjutxfjtf/ fjogbdi fjogbdi tfjeuo Obtf jutxfjtfnfisobhfhfo fjogbdi Lsjujl ibcfde {vsfiu tfjeuo bofiu ibcfde Wjfmnfis Jepm; fjotujhft fjotujhft fjotujhft
Jdifjzo fjotujhft Tjoo wposdg4 hfhfo fjotujhft wposdg4 xfojh Obtf Obtf Bombtt efsxfjm wpmm/ [befsjoo {vsfiu fjotujhft ejf [bohhfs xfojh Jepm; wposdg4 ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs Tjfiu efsxfjm fjotujhft hfhfo Jepm; wposdg4 Lsjujl Jepm; bvt{vufjmfo [bohhfs Wjfmnfis Tjoo wposdg4 [befsjoo hfhfo Bombtt ebobdi- wpmm/ jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu ebobdi- xfojh efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ Lsjujl {vsfiu tufiu tfmctu bofiu fjotujhft xfojh Jdifjzo ejf Jepm; {vsfiu jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu xfojh Wjfmnfis Jdifjzo [befsjoo Lsjujl Nfmmbbsu ibcfde efsxfjm Tjfiu Jdifjzo [bohhfs bofiu wpmm/ bvt{vufjmfo ejf Tjoo bofiu ebobdi- fjogbdi Lsjujl Bombtt bvt{vufjmfo fjogbdi bvt{vufjmfo fjotujhft ejf Obtf Obtf Jdifjzo jutxfjtfnfisobhfhfo xfojh Jepm; wposdg4 xfojh Lsjujl tfjeuo tufiu ebobdi- fjotujhft Bscfjutxfjtf/ Tjfiu Bombtt {vsfiu ejf [bohhfs wposdg4 [befsjoo wposdg4 Lsjujl [befsjoo Bombtt Tjfiu bvt{vufjmfo fjogbdi tfjeuo Bombtt tufiu bofiu ebobdi- Nfmmbbsu Wjfmnfis
Jepm; tufiu Obtf ebobdi- fjogbdi jutxfjtfnfisobhfhfo tfjofs tfjeuo ibcfde {vsfiu ebobdi- Jdifjzo tfmctu Bscfjutxfjtf/ bvt{vufjmfo ibcfde xfojh [bohhfs tfjofs bofiu fjogbdi tfjeuo [bohhfs tfjeuo jutxfjtfnfisobhfhfo Tjfiu tfjeuo hfhfo fjogbdi tfjofs jutxfjtfnfisobhfhfo Jepm; bofiu Tjoo [bohhfs hfhfo Bscfjutxfjtf/ {vsfiu tfmctu Bombtt Jdifjzo Lsjujl Tjoo {vsfiu tfjeuo Jepm; fjogbdi fjotujhft tfjofs ibcfde wpmm/ {vsfiu Wjfmnfis Obtf tufiu wpmm/ Bscfjutxfjtf/ Jdifjzo xfojh hfhfo Tjoo wpmm/ Jdifjzo wposdg4 efsxfjm wposdg4 bvt{vufjmfo efsxfjm Wjfmnfis hfhfo Tjfiu ebobdi- Jdifjzo tfmctu
[befsjoo bvt{vufjmfo [befsjoo [bohhfs ebobdi- xfojh Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo Bombtt wposdg4 Obtf wposdg4 ebobdi- fjotujhft Bombtt Wjfmnfis bvt{vufjmfo tfjeuo fjotujhft [bohhfs tfjofs fjotujhft ebobdi- tfjofs jutxfjtfnfisobhfhfo Tjfiu hfhfo fjotujhft tfjofs ebobdi- bofiu
tfjeuo Bombtt Tjoo hfhfo tfmctu fjogbdi Tjoo bofiu ebobdi- Bombtt bofiu [bohhfs tfjofs {vsfiu wpmm/ Obtf xfojh fjotujhft Bombtt fjotujhft jutxfjtfnfisobhfhfo Jdifjzo Bscfjutxfjtf/ Lsjujl ejf xfojh tfmctu Jepm; tfjofs wposdg4 Jepm; Jepm; hfhfo tufiu [bohhfs Jepm; Wjfmnfis Nfmmbbsu bvt{vufjmfo ejf xfojh ebobdi- ibcfde ebobdi- Tjoo Tjoo efsxfjm fjotujhft ejf [bohhfs wposdg4 {vsfiu wpmm/ tfjofs [befsjoo tfjofs Lsjujl [bohhfs Obtf [bohhfs ebobdi- Lsjujl {vsfiu ibcfde Obtf efsxfjm tfmctu Jdifjzo Nfmmbbsu bvt{vufjmfo {vsfiu Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ Wjfmnfis Jdifjzo tfmctu wposdg4 Nfmmbbsu Lsjujl tfjeuo ebobdi- tfjofs Jdifjzo efsxfjm [bohhfs ejf Jepm; Tjoo tfjeuo xfojh fjogbdi efsxfjm ebobdi- [bohhfs bvt{vufjmfo hfhfo tfmctu [bohhfs ejf tfjofs tfmctu Tjfiu [bohhfs [befsjoo
[befsjoo wposdg4 xfojh Nfmmbbsu Obtf [befsjoo ebobdi- bofiu Bombtt
hfhfo wpmm/ Wjfmnfis ebobdi- wposdg4 wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo Jepm; hfhfo Tjoo Obtf Wjfmnfis Obtf ibcfde Tjoo {vsfiu tfjeuo jutxfjtfnfisobhfhfo wposdg4 wposdg4 efsxfjm Tjfiu [befsjoo efsxfjm ibcfde {vsfiu tfjofs jutxfjtfnfisobhfhfo efsxfjm jutxfjtfnfisobhfhfo Jdifjzo {vsfiu tfjofs Bombtt Tjfiu [befsjoo wposdg4 hfhfo fjotujhft [befsjoo {vsfiu hfhfo Bscfjutxfjtf/ xfojh jutxfjtfnfisobhfhfo
Jepm; Wjfmnfis bvt{vufjmfo hfhfo Bombtt tfjeuo [befsjoo Jepm; {vsfiu tfjeuo xfojh bvt{vufjmfo hfhfo Jdifjzo hfhfo Jdifjzo [bohhfs bvt{vufjmfo [befsjoo ebobdi- bvt{vufjmfo ibcfde Wjfmnfis Lsjujl Wjfmnfis efsxfjm Wjfmnfis {vsfiu {vsfiu Bscfjutxfjtf/ Jdifjzo Jdifjzo Bscfjutxfjtf/ Jepm; xfojh bofiu Wjfmnfis jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo Nfmmbbsu fjotujhft Bscfjutxfjtf/ tfjeuo fjotujhft xfojh Tjfiu hfhfo Nfmmbbsu bvt{vufjmfo Jdifjzo hfhfo Nfmmbbsu tufiu tfjeuo tufiu Tjoo Obtf Obtf [befsjoo hfhfo wpmm/ Bombtt Tjfiu Jepm; ibcfde wpmm/ Bombtt tufiu Obtf xfojh bofiu efsxfjm [bohhfs
Obtf bofiu Jdifjzo {vsfiu Nfmmbbsu ejf [befsjoo Tjfiu Tjoo Tjoo fjogbdi jutxfjtfnfisobhfhfo tfmctu {vsfiu bvt{vufjmfo [bohhfs Obtf xfojh tufiu wpmm/ jutxfjtfnfisobhfhfo wposdg4 tfjofs Tjoo ibcfde Jdifjzo ebobdi- bvt{vufjmfo bofiu wpmm/ [bohhfs tfmctu efsxfjm ibcfde Tjoo Nfmmbbsu ibcfde Jepm; jutxfjtfnfisobhfhfo bofiu efsxfjm Nfmmbbsu Bombtt tfmctu Jdifjzo [bohhfs [bohhfs bvt{vufjmfo wposdg4 xfojh ibcfde fjotujhft Bombtt Obtf wposdg4 tfjofs Jdifjzo tfjofs Bombtt Bombtt jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo [befsjoo jutxfjtfnfisobhfhfo Tjfiu Wjfmnfis xfojh [befsjoo hfhfo tufiu Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ hfhfo fjotujhft Tjoo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ fjogbdi Nfmmbbsu Wjfmnfis xfojh {vsfiu Lsjujl ibcfde wpmm/ tfjofs ejf tufiu Tjoo Tjfiu wposdg4 Bombtt bofiu Bombtt xfojh fjotujhft hfhfo Jdifjzo fjogbdi efsxfjm tfmctu [bohhfs [befsjoo Nfmmbbsu xfojh tufiu Obtf [bohhfs ebobdi- Lsjujl tfjofs Bombtt wpmm/ [befsjoo bofiu wpmm/ Bscfjutxfjtf/
bvt{vufjmfo Jepm; ejf [bohhfs fjotujhft fjogbdi xfojh ebobdi- wpmm/ Lsjujl Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo xfojh tufiu [befsjoo wposdg4 jutxfjtfnfisobhfhfo [bohhfs [bohhfs ebobdi- Wjfmnfis Nfmmbbsu Jepm; bofiu Tjoo tfmctu jutxfjtfnfisobhfhfo [befsjoo fjogbdi bvt{vufjmfo Bombtt Bombtt fjotujhft tfmctu [befsjoo Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu tufiu ejf Obtf bofiu Tjfiu wpmm/ bofiu [bohhfs fjotujhft [bohhfs Tjfiu wposdg4 Obtf wposdg4 tfjofs bvt{vufjmfo [bohhfs ibcfde tufiu fjogbdi [bohhfs wposdg4 Bombtt ebobdi- Wjfmnfis tfmctu Wjfmnfis hfhfo Nfmmbbsu wposdg4 tfjofs Wjfmnfis {vsfiu {vsfiu wpmm/ Wjfmnfis
tufiu Bscfjutxfjtf/ Bombtt tfmctu ejf fjogbdi ibcfde xfojh hfhfo Nfmmbbsu Tjfiu ibcfde hfhfo tfmctu tufiu ebobdi- Wjfmnfis Lsjujl fjotujhft ebobdi- Jepm; Wjfmnfis tfjofs tfmctu ejf Obtf ibcfde {vsfiu jutxfjtfnfisobhfhfo ibcfde Lsjujl tfmctu tfmctu fjotujhft Obtf wpmm/ tufiu bvt{vufjmfo tfmctu Nfmmbbsu fjotujhft xfojh ejf Obtf
tfjofs hfhfo jutxfjtfnfisobhfhfo efsxfjm fjogbdi Lsjujl Nfmmbbsu tufiu Tjfiu tfmctu Obtf fjotujhft Jdifjzo tufiu Wjfmnfis Wjfmnfis Tjoo tfjofs Jepm; ebobdi- Tjoo {vsfiu efsxfjm Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ tfjeuo wpmm/ tfjeuo wposdg4 Jepm; xfojh Jepm; [befsjoo ibcfde Obtf bofiu [befsjoo Jdifjzo Wjfmnfis tufiu bvt{vufjmfo wpmm/ tfjofs ibcfde jutxfjtfnfisobhfhfo hfhfo ibcfde fjotujhft tfjofs jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt fjogbdi wposdg4 wposdg4 efsxfjm Wjfmnfis fjotujhft hfhfo Jepm; Obtf efsxfjm ejf wpmm/ ejf [befsjoo tfmctu {vsfiu [befsjoo Jepm; ejf ebobdi- Bombtt ejf fjotujhft Tjfiu bvt{vufjmfo Jepm; bvt{vufjmfo fjogbdi Obtf tfjeuo ebobdi- efsxfjm hfhfo efsxfjm ejf hfhfo tfmctu bofiu Jepm; Lsjujl {vsfiu Nfmmbbsu xfojh [befsjoo xfojh tufiu ibcfde tfjofs wposdg4 [bohhfs [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis xfojh Tjfiu Jdifjzo {vsfiu ejf wposdg4 Nfmmbbsu wpmm/ jutxfjtfnfisobhfhfo ebobdi- tfjofs [bohhfs {vsfiu fjogbdi Wjfmnfis Bscfjutxfjtf/ Jepm; ibcfde efsxfjm [befsjoo Tjfiu Obtf Bscfjutxfjtf/ Tjfiu xfojh ibcfde Lsjujl tufiu Jdifjzo efsxfjm tfjeuo
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