Contingency Planning: Family, Business

In the middle of an active, busy (working) life, many families and business owners are reluctant to even consider the possibility of an accident or illness. As a result, contingency planning tends to be neglected. When something does happen, it often turns out there is no general power of attorney or enduring power of attorney for care or healthcare in place, and nobody thought of a living will or final will.

Proactive contingency planning helps to ensure that your family or family-owned business has legal capacity at all times. Our Private Clients experts help you draw up an emergency planning checklist that covers all the key legal and financial aspects.

If a partner or shareholder is incapacitated for an extended period, it could paralyse the entire company, depending on the provisions in the articles of association. Accordingly, (managing) partners or shareholders should draw up a contingency plan that addresses the following questions, in addition to their personal affairs.

Be prepared when ‘what if?’ happens.

Natural disasters. Power outages.  Mechanical failures.  Events like these may be rare, but if they happen your business could be at risk, potentially costing you millions in lost sales and productivity. In today’s complex world a simple checklist won’t do when ‘what if?’ happens.  

Only a thorough contingency plan ensures you have properly assessed your risk and have the right backup systems and strategies in place to activate on a moment’s notice.  Trane can help.  Our experts work closely with you using a strategic, multi-step approach to identify, prioritize and mitigate the risks you face. You get an action plan to safeguard your critical operations and peace of mind knowing that you’re prepared.

‘We are in a gas crisis.’ Germany raises emergency level.

New York Times. June 2022. Germany’s economy minister triggered the second stage of a contingency plan a week after Russia cut back on gas to Europe, sending prices soaring and raising fears of shortages.

Germany warned residents and businesses on Thursday that the country was in a natural gas crisis that could worsen in coming months.

“The situation is serious, and winter will come,” Robert Habeck, Germany’s economy minister, told reporters at a news conference in Berlin. He said the government had triggered the second stage of its three-step energy gas plan; the next stage would permit the government to begin gas rationing.

“Even if you don’t feel it yet: We are in a gas crisis,” he said. “Gas is a scarce commodity from now on. Prices are already high, and we have to be prepared for further increases. This will affect industrial production and become a big burden for many consumers.”

Covid

February 2020. Deutsche Welle. Germany has already faced its first coronavirus infections. Officials have remained calm, and border closures or lockdowns are not yet on the horizon. But the country has no specific pandemic plan for COVID-19.

“We assume it can and will have a slight impact on the global economy,” said Germany’s Economics Minister Peter Altmaier. “The extent will depend on how quickly this virus is contained and how quickly the number of infections slows down again.”

Germany steps up emergency cash plans to cope in blackout

German authorities are stepping up preparations for emergency cash deliveries in case of a blackout to keep the economy running, four people involved said, as the nation braces for possible power cuts arising from the war in Ukraine.

The plans include the Bundesbank, Germany’s central bank, hoarding extra billions to cope with a surge in demand, and possible limits on withdrawals, one of the people said.

Germany’s emergency gas plan explained

The cut in Russian gas supplies has Germany enacting the second phase of their gas emergency plan. What do these plans entail?

On 23 June, Germany triggered the second stage of their emergency gas plan in response to the cut in Russian gas supplies since 14 June and the high price levels. A gas crisis team, which was already set up when the first emergency level was declared in late March, meets daily to monitor and assess the situation.  

While the security of supply is currently still guaranteed, “the situation is tense”, according to the German Federal Ministry for Economic Affairs and Climate Action. If the Russian gas supply remains low, it will complicate achieving storage level targets by winter. Federal Minister for Economic Affairs and Climate Protection Robert Habeck called the current situation “serious”, referring to gas as a “scarce commodity”. 

Germany’s nationwide emergency warning day hitches

September 2020. For the first time in almost 30 years, Germany carried out a nationwide emergency warning day. But not everything went as planned. For those living in or visiting Germany on Thursday, things got loud this morning.

At 11 a.m. sharp (0900 GMT) Germany carried out a nationwide test of its civil alarm systems — with everything from sirens to push notifications on smartphones being tested. The test was slated to run for exactly 20 minutes. It’s the first test of its kind since Germany was reunified in 1991.

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