Renzenbrink & Partner advises on the structuring and founding of the new German Travel Protection Fund
The Federal Ministry of Justice and Consumer Protection (BMJV) has commissioned a consortium around the German Travel Association (DRV) with the organization of the new German insolvency protection for package tours. For this purpose, the consortium had founded the “Deutsche Reisesicherungsfonds GmbH (DRSF)” (German Travel Protection Fund) in May 2021 which submitted a corresponding application on the basis of the German law on insolvency protection through travel protection funds and on the amendment of travel law regulations passed this summer. The German Travel Protection Fund is scheduled to start operations on November 1, 2021. By October 2027, the German Travel Protection Fund – financed by tour operators – is to build up a target capital of EUR 750 million. In the initial phase, the German Federal Government will provide additional cover. The BMJV is the supervisory authority of the German Travel Protection Fund.
Renzenbrink & Partner advised the DRV in the early stages and during the legislative process on the corporate and tax structuring of the German Travel Protection Fund and then later the German Travel Protection Fund on the preparation of the fund documentation.