Substantial Changes with Respect to German Corporate Law Imminent

The German legislature intends to enact the statute for the modernization of the limited liability company law and for the combat of misuse (''MoMIG'') coming into effect presumably as of November 1, 2008. MoMIG was passed by the Bundestag on June 26, 2008 but is still waiting final approval by the Bundesrat. It contains changes to the German Liability Company Act (''GmbHG'') and the German Insolvency Code (''InsO'').