Der «aktuelle Liquiditätsplan» des Vorentwurfs – Ein neuer Fokus für Verwaltungsrat und Revisor in einer drohenden Finanznotlage

The current draft for a revised Corporation Law includes a complete overhaul of the provisions dealing with a financial crisis situation. So far, initiatives to be taken by the Board are triggered exclusively by a massive loss of equity (measured against share capital and legal reserves). The proposed law intends to focus the Board’s attention on liquidity problems and introduces a «liquidity trigger»: Whenever there is a serious concern that the company may become illiquid within twelve months, the Board must establish a liquidity plan based upon an appreciation of the company’s economic situation. Should the plan show that illiquidity is not to be feared, an auditor would have to verify the plan’s plausibility. If the plan is found to be implausible by the auditors, or the plan itself points to approaching illiquidity, the Board must call an extraordinary shareholders’ meeting at once.

The «equity trigger» of the current law is to survive in the new system, although in a…