Webcast
Webcast in German language – feel free to contact any member of our team for explanations in English.
The naive view of climate change assumed that global warming would gradually lead to rising temperatures and that serious consequences would materialize only in the distant future. Now, however, a broader public is becoming aware that our climate system has critical thresholds, so-called tipping points, and that even small increases in temperature lead to massive and abrupt climate changes. While this comparison is not intended in any way to play down the catastrophic consequences of global warming, one may say that corporate financing in an economic crisis shows similar patterns: the deterioration of economic parameters does not merely lead to a gradually worsening financial position but could cause a company's insolvency virtually "overnight" when specific events occur. For this reason, company management must continuously, and specifically in times of economic crisis, keep an eye on whether and which such tipping points are emerging and how, if required, a complete "break down" of a company’s financing structure can be prevented to avoid insolvency proceedings.
In this webcast on corporate financing in times of crisis, our experts Frank Tschentscher and Arne Wittig (both Deloitte Legal) talk about such tipping points and show ways to prevent their occurrence or at least mitigate their impact on corporate financing.
In particular, they address
- receivables management and the risk of unexpected payment default
- relations with suppliers, the risks arising from and how to deal with requests for advance payment, and the role of credit insurers in this context
- structure of bank and capital market financing and the risks arising from roll-over re-financing and termination of credit lines
- dealing with the (imminent) breach of financial covenants and rating downgrades
- risks of loan terminations and how to deal with imminent and actual terminations
- risks arising from an (imminent) termination of cash pooling arrangements by group companies
- your questions (Q&A).
These aspects are the focus of our webcast which will cover a broad range of advice on how to deal with corporate financing in a crisis, from the duties of the management and the avoidance of personal liability to the various options for financial restructuring.
You are welcome to ask your questions for the Q&A part already during your registration.
Information
For organizational questions please contact
Marcel Rodriguez
Tel: +49 221 9732 4466
E-Mail: marcrodriguez@deloitte.de
Your Contact
Frank Tschentscher, LL.M. (Nottingham Trent Univ.)
Frank Tschentscher joined Deloitte Legal as a partner on 1 July 2021. He advises on German and international restructuring and insolvency law and has extensive knowledge and more than 23 years of experience in negotiating and implementing complex restructuring projects in Germany and abroad. Frank Tschentscher regularly represents groups of international financial creditors and/or bank consortia in the out-of-court restructuring of (partly listed) companies but also does debtor work. Before joining Deloitte Legal, he worked for many years as a restructuring and insolvency partner at leading law firms in Germany and England. He is also admitted as a Solicitor (England & Wales) and has many years of experience advising clients on English insolvency and restructuring law (including corporate proceedings such as the Scheme of Arrangement). Frank Tschentscher is the author of numerous publications in German and English and regularly speaks on insolvency law and restructuring related topics at domestic and foreign conferences. Best Lawyers has recommended Frank Tschentscher in the restructuring and insolvency law and mergers and acquisitions categories since 2019, and the JUVE Handbook lists him as a frequently recommended lawyer in the "Restructuring and Insolvency" category. At Legal 500 Germany, he is described as "very experienced in insolvency, balanced in his judgement and a good negotiator" as well as one of "the best connoisseurs of UK restructuring law, but above all also of the UK restructuring culture"). Frank Tschentscher wrote his Master's thesis on English and European insolvency law. Until recently, he was President of INSOL Europe, the leading international organisation of professionals specialising in insolvency. He continues to advise the INSOL Europe Country Council on special matters. Publications
Arne Wittig
Arne Wittig joined Deloitte Legal in August 2021. With his experience and eminent expertise, he supports senior management in the finance industry in doing the right thing in significant decisions and transactions. An experienced lawyer, he has held senior roles in the legal department of Deutsche Bank and was most recently Group General Counsel at thyssenkrupp for many years. He has extensive knowledge and many years of experience in the fields of banking law and corporate governance, and has helped shape the profession of in-house counsel in Germany. With his numerous publications, his lectures, his participation in committees and associations, and as a lecturer at the University of Mainz, he actively and prominently contributes to the further development of business law and in particular banking law in Germany. Arne Wittig is a member of, i.a., the Commercial Law Committee of the German Bar Association, the Board of Trustees of the Banking Law Association and the editorial board of Wertpapier-Mitteilungen. He has international experience, also from working in New York for several years, and speaks German and English fluently.
