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