Insolvenzordnung InsO (Deutschland) (German Edition)
Involved Assets and Parties. Reference to Discharge of Residual Debt. Section 22a Appointment of a Provisional Creditors' Committee. Section 26a Provisional Insolvency Administrator's Remuneration. Chapter Two Insolvency Estate. Chapter Three Insolvency Administrator. Bodies Representing the Creditors. Section 56a Involvement of the Creditors in the Appointment of the Administrator. Chapter One General Effects.
Chapter Two Performance of Transactions. Cooperation of the Works Council. Chapter One Preservation of the Insolvency Estate. Chapter Two Decision on Disposition. Part Five Satisfaction of the Insolvency Creditors. Discontinuation of the Proceedings. Chapter One Determination of Claims.
Insolvency Statute – Contents
Chapter Three Discontinuation of Insolvency Proceedings. Part Six Insolvency Plan. Chapter One Establishment of the Plan. Section Submission of the Insolvency Plan. Section a Rights of the Shareholders. Earnings and Finance Plan. Chapter Two Acceptance and Approval of the Plan. Section a Voting Right of Shareholders. Section a Consent of the Shareholders. Section a Court Approval of Corrections to the Plan.
Chapter Three Effects of the Approved Plan. As long as the managing partner is not at fault in being unaware of the opening of insolvency proceedings he shall rank among the creditors of the insolvency proceedings with his claims arising from the continuation of business transactions. Agreements excluding or limiting the application of sections to in advance shall be invalid.
In insolvency proceedings opened for the property owned by the entrepreneur, section subs. The provisions contained in the Labour Court Act Arbeitsgerichtsgesetz on decisions by order shall apply mutatis mutandis; the insolvency administrator and the works council shall be the parties involved in the proceedings. Pursuant to section 61 a subs. A complaint may be made to the Federal Labour Court if this is permitted in the order of the Labour Court; section 72 subs. The appeal is to be filed with the Federal Labour Court with grounds within a month of receipt of the decision of the Labour Court in its final form.
However, if no insolvency plan comes into being, no more than one third of the assets involved in the insolvency proceedings available for distribution among the creditors of the insolvency proceedings without such social plan may be used for the settlement of social plan claims. If the total amount of all social plan claims exceeds such limit each claim shall be reduced on a proportionate basis.
No execution into the assets involved in the insolvency proceedings for social plan claims shall be permitted. Upon the establishment of a new social plan such benefits received by a dismissed employee shall be set off against the calculation of the total amount of social plan claims under section subs. The first sentence shall not apply if the circumstances have changed considerably since the reconciliation of interests was brought into being. The social selection of the employees shall only be examined on the basis of duration of service , age and maintenance obligations. The insolvency administrator, the works council and those designated employees not recognizing the termination of their contracts as justified shall be parties to the proceedings.
During proceedings before the Federal Labour Court the provisions contained in the Code of Civil Procedure governing the reimbursement of costs shall apply mutatis mutandis. This shall not apply if the circumstances have changed considerably since the last oral hearing. The plant buyer shall be a party to the proceedings pursuant to section A person with a close relationship to the debtor on the date of such transaction section shall be presumed to have been aware of the disadvantage to the creditors of the insolvency proceedings. This shall also apply if such agreement resulted in the liquidation of the silent partnership.
During a month lacking such day the time period shall commence on the beginning of the following day. A request refused with final effect shall be taken into account only if such request was refused due to lacking assets involved in the insolvency proceedings. If the registration of a priority notice was requested in order to secure the claim on the change in rights, the first sentence shall apply with the proviso that such request for priority notice shall replace the request to register the transaction.
Contestation shall not be excluded if an executable deed was acquired for the transaction, or if the transaction was performed by way of execution. Payments on the part of the debtor in return for which his property benefitted directly from an equitable consideration may only be contested under the conditions of section subs.
The provisions governing the legal consequences of unjust enrichment with the recipient being aware of a lacking legal justification shall apply mutatis mutandis. This shall not apply if he is aware or must be aware under the circumstances that the gratuitous benefit places the creditors at a disadvantage. Further claims of the recipient of a benefit under a transaction which is subject to contest in respect of restitution of his consideration may be brought by such recipient only as a creditor of the insolvency proceedings.
Section of the Code of Civil Procedure shall apply with the proviso that the enforcement judge shall be replaced by the insolvency court. In order to secure property forming part of the assets involved in the insolvency proceedings the insolvency administrator may have seals applied by the sheriff or any other legally authorised person. The debtor shall attend the establishment of such record if his attendance does not delay the proceedings to their detriment. An expert may be charged with the assessment of objects whose value may be assessed only with particular difficulty. The address of each creditor as well as the reason and the amount of claim shall be indicated.
For creditors with a claim to separate satisfaction also the object subject to the claim of separate satisfaction and the amount of their probable nonsatisfaction shall be indicated; section subs. Sections 98 and subs. With respect to the assets involved in the insolvency proceedings such obligations shall be incumbent on the insolvency administrator.
However, the period elapsed prior to the report meeting shall not be taken into account in legal periods provided for the establishment or publication of financial statements. If an auditor was appointed for the financial year prior to the opening of the insolvency proceedings the validity of such appointment shall remain unaffected by the opening of the insolvency proceedings.
If the debtor is a trader, craftsman or farmer, the competent official professional representative body of industry, trade, the craft or of agriculture may also be given the opportunity to express their views at the report meeting. The assembly may modify its decisions at subsequent meetings. At the request of the debtor and after hearing the administrator the insolvency court shall refuse such close-down of the enterprise if the close-down can be suspended until the report meeting without considerably reducing the assets involved in the insolvency proceedings.
A contravention of sections to shall leave the validity of the acts of the insolvency administrator unaffected. The insolvency administrator may initiate with the competent court auctions or sequestrations of immovables forming part of the assets involved in the insolvency proceedings even if such immovables are subject to a right to separate satisfaction. This shall not apply if the claim has been assigned to the participant in a system in accordance with section 96 subs.
Instead of such notification the administrator may allow the creditor to inspect the object. He shall give the creditor the opportunity of pointing out within a week another means of selling the object which would be more beneficial to the creditor. An opportunity to sell shall also be deemed more beneficial if savings are made on expenses. If an object with regard to which the insolvency administrator is entitled to disposition under section is not disposed of by him, the creditor shall be paid the current interest due to him from the assets involved in the insolvency proceedings beginning from the report meeting.
If the insolvency court issued an order under section 21 prohibiting the creditor to dispose of the object before the insolvency proceedings were opened the interest due shall be paid at the latest from the date three months after such order by the court. The remaining amount shall be used without delay to satisfy the creditor with a right to separate satisfaction.
Such costs shall be rated as a lump sum of four percent of the proceeds. If the costs actually incurred which were necessary for the disposition were considerably lower or considerably higher, these costs shall be taken as a basis. If disposition entails the assets involved in the insolvency proceedings incurring turnover tax, this amount shall be charged in addition to the lump sum pursuant to sentence one or the costs actually incurred pursuant to sentence two. Such obligation to recompensing payments shall only exist to the extent to which the loss in value accruing from such use impairs the security of the creditor with a right to separate satisfaction.
Upon expiry of such period of time the administrator shall be entitled to its disposition. Such filing shall be accompanied by copies of the documents evidencing the claim. During the verification meeting the filed claims shall be verified in accordance with their amount and rank. Claims denied by the insolvency administrator, by the debtor or by a creditor of the insolvency proceedings shall be discussed individually. However, if the insolvency administrator or a creditor of the insolvency proceedings objects to the verification of such claims, or if a claim is filed only after the verification meeting, the insolvency court shall either docket a special verification meeting or order verification in written proceedings, and burden the defaulter with the costs.
The first and second sentences shall apply mutatis mutandis to subsequent amendments to filed claims. The creditors of the insolvency proceedings filing claims, the insolvency administrator and the debtor shall receive individual summons to such meeting. An objection on the part of the debtor shall also be entered in the schedule. Determination shall be marked on bills of exchange and any other debt instruments by the registrar of the insolvency court. In the case mentioned at subs.
The Local Court where the insolvency proceedings are or were pending shall have exclusive jurisdiction for such action. If the subject matter of the action does not fall under the jurisdiction of the Local Courts, the Regional Court in whose district the insolvency court is located shall have exclusive jurisdiction. Determination of a claim with its grounds, amount and rank may only be applied for to the extent indicated when it was filed or during the verification meeting.
The value of an action to determine a claim whose legal validity was denied by the insolvency administrator or by a creditor of the insolvency proceedings shall depend on the amount to be expected for the claim as a result of distribution of the assets involved in the insolvency proceedings. If the debtor denied a claim during the verification meeting or in the written proceedings section the creditor may bring an action against the debtor in order to determine such claim.
If an action concerning such claim was pending on the date when the insolvency proceedings were opened the creditor may continue such action against the debtor. If an action for the determination of a claim could not be brought under the provisions governing ordinary civil proceedings its determination shall be initiated with any other court having jurisdiction or with the competent administrative agency.
If another court has jurisdiction to determine such claim section shall also apply mutatis mutandis. Contestation in such writs shall be deemed equivalent to denial during the verification meeting if restitutio in integrum is granted. Lower-ranking creditors of the insolvency proceedings shall not be considered for advance distributions.
Prior to distribution the insolvency administrator shall establish a record of the claims to be considered in respect of distribution. The administrator shall publish the total amount of claims and the amount available for distribution from the assets involved in the insolvency proceedings. If proof is not provided in good time, the claim shall not be taken into account in distribution.
In such a case the share covering the amount of his claim shall be retained in distribution. If the conditions under subs. The share covering the claim shall be retained in distribution. In such a case the share retained under subs. Creditors not taken into account in advance distribution and who meet the conditions under sections and shall in the next distribution be advanced an amount from the remainder of the assets involved in the insolvency proceedings placing them on an equal footing with the other creditors.
The insolvency administrator shall append any amendment to the record required under sections to within three days of the expiry of the limitation period mentioned at section subs. The creditor may bring an immediate appeal against such a decision. The administrator and the creditors of the insolvency proceedings may bring an immediate appeal against such a decision. The period of such appeal shall begin on the day of the deposit of the decision.
- Introduction to Covered Call Trading.
- Makers of Modern Strategy from Machiavelli to the Nuclear Age (Princeton Paperbacks).
- Resilience: Reflections on the Burdens and Gifts of Facing Lifes Adversities!
- Get Through First FRCR: Questions for the Anatomy Module.
Funds to be retained in final distribution shall be deposited with suitable agency by the insolvency administrator on account of the parties involved. If the claims of all creditors of the insolvency proceedings can be satisfied in final distribution the insolvency administrator shall transfer any remaining surplus to the debtor.
Section 9 remaining unaffected, the notification shall be published in extract form in the Federal Bulletin. Sections 31 to 33 shall apply mutatis mutandis. A claim with an overruled objection shall be equivalent to a claim not denied. The application for the issuance of an executable copy of the schedule may not be filed until the insolvency proceedings have been terminated. It may condition its order on the advancement of funds covering the costs of such delayed distribution. Such party may bring an immediate appeal against the decision.
The debtor may bring an immediate appeal against the decision. Once delayed distribution has been ordered, the insolvency administrator shall distribute the available amount or the proceeds from disposition of the identified object on the basis of the final record. He shall render account of such distribution to the insolvency court. Creditors of the assets involved in the insolvency proceedings of whose claims the insolvency administrator has become aware.
Discontinuation shall not be ordered if sufficient funds are advanced or if the costs are deferred in accordance with section 4a; section 26 subs. The administrator shall no longer be under an obligation to dispose of the assets involved in the insolvency proceedings. The same shall apply if it is likely that the assets will be insufficient to meet the other existing obligations incumbent on the assets involved in the insolvency proceedings on the date of their maturity. Such notification shall be served separately on the creditors of the assets involved in the insolvency proceedings.
As soon as the insolvency administrator has notified lacking assets involved in the insolvency proceedings, execution in respect of an obligation incumbent on the assets involved in the insolvency proceedings in the meaning of section subs. Admissibility of such a request shall require the debtor to show to the satisfaction of the court that there is no reason to open insolvency proceedings.
For creditors whose claims are denied by the debtor or by the insolvency administrator, and in the case of creditors with a right to separate satisfaction, the insolvency court shall decide on its own discretion on the requirement for consent to be given by such creditors or a security to be provided to them. The creditors of the insolvency proceedings may object to such a request within one week after publication, either in writing or for the records of the court registry.
If a creditor objects to such a request, he shall also be heard by the court. The date when such discontinuation will become effective section 9 subs. Sections and shall apply mutatis mutandis. Submission by the debtor may be connected with a request to open insolvency proceedings. The insolvency plan shall consist of a declaratory and a constructive part.
It shall be accompanied by the attachments mentioned at sections and The constructive part of the insolvency plan shall determine the transformation of the legal position of the parties involved, by the insolvency plan. A distinction shall be made between. Such groups shall be adequately separated from each other.
The criteria of their separation shall be indicated in the plan. Separate groups may be formed for minor creditors. Any derogating provision shall be ruled out in respect of securities provided to. For the non-lower ranking creditors the constructive part of the insolvency plan shall indicate the fraction by which their claims will be reduced, detail the period of respite for their claims, announce the securities for them or provide for any other provisions to which they are to be subjected.
If rights in objects are to be created, modified, transferred or waived, any legal declarations necessary from the parties involved may be included in the constructive part of the insolvency plan. If registered rights in real estate or in registered rights are involved, such rights shall be detailed in compliance with section 28 of the Land Register Code. The second sentence shall apply mutatis mutandis to rights registered in the register of ships and the register of ships under construction, or in the register of liens on aircraft. If the debtor is a company without legal personality or a partnership limited by shares, the plan shall be accompanied by a similar statement by the partners with personal liability.
To the extent to which continued disposition and distribution of the assets involved in the insolvency proceedings would impair the implementation of an insolvency plan which has been submitted, the insolvency court at the request of debtor or the insolvency administrator shall order suspension of disposition and distribution. Such meeting shall not be docketed later than one month. Publication shall indicate the availability of the plan and of any comments received for inspection in the registry of the court. A copy of the plan, to be provided at the request of the submitting party, or a summary of its essential contents, shall be sent with the summons.
The discussion and voting meeting may not be docketed prior to the verification meeting. Both meetings, however, may be docketed to coincide. Creditors entitled to separate satisfaction may only vote as creditors of the insolvency proceedings if the debtor is personally liable to them and if they waive their right to separate satisfaction or are not satisfied under such right; as long as their non-satisfaction has not been determined, they shall be taken into account with the probable value of their non-satisfaction.
A voting right shall be vested in rights to separate satisfaction denied by neither the insolvency administrator, the creditors entitled to separate satisfaction nor the creditors of the insolvency proceedings. Sections 41 and 77 subs. The registrar of the court registry shall record in a list the voting rights of creditors resulting from the meeting.
The submitting party shall be entitled to modify the contents of individual provisions of the insolvency plan in accordance with the results of the discussion meeting. A vote may be taken at the same meeting on the modified plan. In this case, the period of time between the discussion meeting and the voting meeting shall not extend beyond one month. If the plan has been modified, such modification shall be specifically indicated. Voting in writing shall not be counted unless received by the court not later than one day prior to the voting meeting; this shall be referred to when the voting slip is forwarded.
The same shall apply if a right is the object of a pledge or a usufruct. The following supplemental provisions shall apply to acceptance of the insolvency plan by the lower-ranking creditors of the insolvency proceedings:. The groups ranking as mentioned at section 39 subs. The consent of the groups ranking behind section 39 subs. If none of the creditors forming a group votes at all, the consent of this group shall be deemed to have been given.
If the insolvency plan provides for the performance of specific contributions or for the implementation of other measures before confirmation the plan may not be confirmed unless such conditions are met. Confirmation shall be refused ex officio if such conditions are not met even after expiry of an adequate period of time fixed by the insolvency court.
The creditors and the debtor may bring an immediate appeal against the order confirming the insolvency plan or refusing its confirmation. If the constructive part is to create, modify, transfer or waive rights in objects or if shares in a company with limited liability are to be transferred, the declarations of intent on the part of the parties involved which are included in the plan shall be deemed to have been given in the form required by law.mmogen.moviemakeronline.com/52.php
» Insolvency Statute (Insolvenzordnung, InsO) German Law Archive
The same shall apply to the undertakings included in the plan on which the creation, modification, transfer or waiving of rights in objects or transfer of shares is based. The first and second sentences shall also apply to creditors of the insolvency proceedings who have not filed their claims, and to parties opposing the plan.
Such default to a considerable extent shall be construed only if the debtor has not paid a mature debt although reminded by the creditor in writing with a period of grace of at least two weeks. However, the plan may not derogate from subs. If the court has not decided on the voting right, at the request of the debtor or of the creditor it shall subsequently determine the extent to which the debtor has to provisionally take such claim into account.
Default to a considerable extent in performance of the plan shall be construed only if the debtor omits to pay the arrears although reminded by the creditor in writing with a period of grace of at least two weeks. A claim in respect of which an objection has been raised and overruled shall be deemed equivalent to a claim which has not been denied. Section shall apply mutatis mutandis. The right of unhindered disposition of the assets involved in the insolvency proceedings shall be transferred back to the debtor.
The constructive part of the insolvency plan may provide that specific transactions of the debtor or of the takeover company shall require the consent of the insolvency administrator during the period of surveillance in order to become effective. In such a case the maximum amount of such loans shall also be fixed loan ceiling.
It may not exceed the value of property listed in the survey of assets contained in the plan section first sentence. Creditors with other contractual claims created during the period of surveillance shall also have a lower-ranking status in comparison with creditors with entitlements deriving from loans entered into or held open under section Claims created under a continuing obligation prior to surveillance shall also be deemed to constitute such claims for the time after the first date on which the creditor could terminate such contract after surveillance began.
The cost of surveillance shall be borne by the debtor. In the case of section subs. Such proceedings shall be subject to the general provisions unless this part provides otherwise. The claims of the creditors of the insolvency proceedings shall be filed with the custodian. Sections 32 and 33 shall not apply.
The former insolvency administrator may be appointed custodian. Before deciding on the request, the insolvency court shall hear the debtor. The creditor and the debtor may bring an immediate appeal against the decision of the court. The debtor may even not enter into obligations falling under the range of his ordinary business if the custodian objects to such obligations. If the custodian consents to a transaction giving rise to an obligation incumbent on the assets involved in the insolvency proceedings, section 61 shall apply mutatis mutandis. The admissibility of such a request shall require that the requesting party shows such prerequisite for the order to the satisfaction of the court.
Section 31 shall apply mutatis mutandis. If the right to transfer real property, a registered ship, a ship under construction or an aircraft, a right in such an object or a right in such a right is subjected to the requirement of consent, sections 32 and 33 shall apply mutatis mutandis. The provisions governing the performance of transactions and the cooperation of the works council sections to shall apply with the proviso that the insolvency administrator be replaced by the debtor. The debtor shall exercise his rights under such provisions with the concurrence of the custodian.
The custodian shall verify such records and survey and give a written statement for each as to whether the result of his verification gives rise to objections. The custodian shall comment on the report. However, costs for the determination of such objects and of the rights to such objects shall not be charged. Only the costs actually incurred for disposition and the amount of turnover tax may be counted as costs of disposition. A claim denied by a creditor of the insolvency proceedings, by the debtor or by the custodian shall be deemed not determined. The custodian shall verify each distribution record and give a written statement for each record as to whether the result of his verification gives rise to objections.
If the charge is directed to the debtor, the custodian shall serve as advisor. The custodian shall inform the insolvency court of lacking assets involved in the insolvency proceedings. If the debtor is an individual he shall be discharged under sections to of his obligations not performed by way of the insolvency proceedings and due to the creditors of the insolvency proceedings. If it is not joined with the latter, it shall be submitted within two weeks of the reference in accordance with section 20 subs.
If the debtor had assigned or pledged such claims to a third party already prior to his request he shall indicate such assignment or pledge in his statement. The debtor and the creditors may propose to the insolvency court as trustee an individual suited to the individual case at hand. The insolvency proceedings shall not be terminated before the order has become final. The final order shall be published together with the order terminating the insolvency proceedings. He must keep separate the amounts received under such assignment and any other payments contributed by the debtor or third parties from his own property and distribute them annually to the creditors of the insolvency proceedings as directed by the final record.
From the sums which he receives from the assignment, as well as from the other payments, he shall pay the debtor on expiry of a period of four years from termination of the insolvency proceedings ten percent, and on expiry of a period of five years from termination, fifteen percent. If the costs of the proceedings deferred in accordance with section 4a have not yet been corrected, money shall only be transferred to the debtor if his income does not exceed the amount calculated in accordance with section subs.
In such a case the trustee shall inform the creditors immediately upon determining an infringement of such obligations. The trustee shall only be obliged to carry out surveillance if the additional payment for this is either covered or advanced. Such request may be filed only within one year of the date when the creditor became aware of the contravention of an obligation.
It shall be admissible only if the facts mentioned in the first and second sentences are shown to the satisfaction of the court. The debtor shall provide information concerning fulfilment of his obligations and at the request of the creditor confirm the correctness of his disclosure by an affidavit.
If without a reasonable excuse he does not provide the disclosure or the affidavit within the deadline set for him, or does not appear at a meeting docketed by the court for him to provide the information or the affidavit, although properly summoned and without giving a reasonable excuse, discharge of residual debt shall be refused. Refusal of discharge of residual debt shall be published.
This shall not apply if the costs of the insolvency proceedings were deferred in accordance with Section 4a.
Section 9 remaining unaffected, if the residual debt is discharged, excerpts are to be published in the Federal Gazette. Such binding effect shall also apply to those creditors who have not filed their claims. The debtor, however, shall be discharged of claims of co-obligors, guarantors or any other redressing party against himself in the same way as he is discharged of the claims of the creditors of the insolvency proceedings.
The requesting party and the debtor may bring immediate appeal against such decision. The decision retracting discharge of residual debt shall be published. If the debtor has pursued independent economic activity, the first sentence shall apply if his assets are comprehensible and no claims exist against him from employment. At the request of the debtor, the creditors shall be obliged to provide the debtor with a written statement of their claims against him, at their expense, in order to aid him in preparing the record of claims; in particular, they shall state the extent of their claims and their categorisation in main claim, interest and costs.
- Ottoman Izmir: The Rise of a Cosmopolitan Port, 1840-1880.
The request on the part of the debtor must include a reference to a request to open insolvency proceedings which has already been filed with a court, or the filing of which is intended in the near future. If the debtor does not comply with this request within one month, his request to open insolvency proceedings shall be regarded as having been retracted. In cases falling under section subs. Where forms are introduced in accordance with the first sentence the debtor must use them. Different forms may be introduced for proceedings in courts that process the proceedings automatically, and for proceedings in courts that do not process the proceedings automatically.
An attempt to reach an out-of-court agreement with the creditors regarding settlement of debts shall be considered to have failed if a creditor requests coercive execution after the negotiations regarding out-of-court settlement of debts have been initiated. This period shall not exceed three months. After hearing the debtor, the court shall order the continuation of the proceedings regarding the request to open proceedings if in accordance with his freely-formed conviction the debt settlement plan is likely not to be accepted.
If the proceedings are suspended, the debtor shall submit the number of duplicates of the debt settlement plan and of the record of assets required for service within two weeks of being called on to do so by the court.
If the debtor files a request, subs. In this case, the debtor shall initially attempt to reach an out-of-court agreement in accordance with section subs. At the same time, with express reference to the legal consequences of section subs. This must be pointed out in the request for comment. If necessary, the amendments or additions are to be served on the creditors. The plan for the settlement of debts shall have the effect of a settlement in the meaning of section subs. The creditors and the debtor shall be served with a copy of the plan for the settlement of debts and of the order mentioned in the first sentence.
This shall not apply to the extent that a creditor has not added to the information on his claim in the record of claims deposited for viewing at the insolvency court within the period set, in spite of the fact that the plan for the settlement of debts was sent to him and the claim had come into existence prior to expiry of the deadline; in this respect, the claim shall become void. This shall not apply if. He must show to the satisfaction of the court the reasons which pursuant to subs. The party making the request and the creditor whose agreement is being replaced may bring immediate appeal.
The creditors shall have no claim on the debtor for defrayal of the costs incurred by them in connection with the plan for the settlement of debts. If objections are raised to the plan for the settlement of debts which are not replaced by court approval pursuant to section , the proceedings concerning opening of insolvency proceedings shall be reopened ex officio. When the insolvency proceedings are opened, in contrast to what applies at section 29, only the verification meeting shall be docketed. If the proceedings are opened at the request of the debtor, the period named in section 88 shall be three months.
It may rescind or amend this order at any time. In contrast to section subs. Sections 56 to 66 shall apply mutatis mutandis. The costs incurred by the creditor are to be refunded first from the proceeds. The creditor shall have the right of disposition. In this case, it shall also instruct the debtor to pay a sum to the trustee within a period set by the court in accordance with the value of the assets which would have had to be distributed to the creditors of the insolvency proceedings. The order shall not be given if disposition of the assets involved in the insolvency proceedings appears to be necessary, particularly in the interest of the creditors.
At the request of one of the creditors of the insolvency proceedings, the court shall refuse to grant discharge of residual debt if the amount payable pursuant to subs. The debtor shall be heard prior to a decision being taken. The insolvency court in whose district a decedent had his usual place of abode shall have exclusive local jurisdiction for the insolvency proceedings to be opened for his estate.
If the decedent had the centre of his self-employed business activity in a different place the insolvency court in whose district such place is located shall have exclusive jurisdiction. The insolvency court shall hear the other heirs. The consent of the other spouse shall not be required. The spouses shall retain the right to make a request even if the community is terminated. The insolvency court shall hear the dissenting spouse.
The request of a creditor of the estate to open the insolvency proceedings shall be not admissible if a period of two years has expired after the heir accepted devolution of the estate on himself. If the opening of the insolvency proceedings is requested by the heir, by the administrator of the estate, by a guardian or by an executor, imminent illiquidity shall also be a reason to open the insolvency proceedings.
Measures of execution against the estate which were effected following succession shall not entitle a creditor to separate satisfaction.
If the heir has satisfied claims of descendants to a compulsory portion, legacies or bequests prior to the opening of the insolvency proceedings such transaction may be contested in the same manner as a gratuitous benefit granted by the heir. The heir may not withhold satisfaction of any obligations incumbent on him because of the expenses which are to be reimbursed to him from the estate in accordance with sections and of the Civil Code.
In insolvency proceedings opened for an estate only the obligations incumbent on the estate may be claimed. If the decedent has ordered in his will the satisfaction of a legacy or bequest prior to another legacy or bequest such legacy or bequest shall prevail. In other respects, such restrictions shall not affect the order of claims. Sections , subs. They shall however be heard by the insolvency court in the case of a request to open proceedings. If the request is not filed by both spouses, it shall be admissible if the illiquidity of the joint property is shown to the satisfaction of the court; the insolvency court shall hear the other spouse.
If the request is filed by both spouses, imminent illiquidity shall also constitute grounds for opening proceedings. This statute shall enter into force on the day determined by means of the introductory act to the Insolvency Statute. The above translation was published by the Federal Ministry of Justice.
Reproduced with kind permission. The contents of this page may be downloaded and printed out in single copies for individual use only. Making multiple copies without permission is prohibited. Your email address will not be published. Insolvency Statute — Contents Part One: General Provisions Section 1: Objectives of the Insolvency Proceedings Section 2: Local Jurisdiction Section 4: Deferment of the Cost of the Insolvency Proceedings Section 4b: Repayment and Adjustment of the Deferred Amounts Section 4c: Rescission of Deferment Section 4d: Legal recourse Section 5: Principles of the Insolvency Proceedings Section 6: Immediate Appeal Section 7: Appeal on Points of Law Section 8: Hearing of the Debtor Part Two: Opening of Insolvency Proceedings.
Involved Assets and Parties Chapter One: Prerequisites of Opening and Opening Proceedings Section Admissibility of Insolvency Proceedings Section Corporations under Public Law Section Request to Open Insolvency Proceedings Section Request by the Creditor Section Reason to Open Insolvency Proceedings Section Imminent Illiquidity Section Decisions Ordering Arrestment Section Publication of Restriction on Property Transfers Section Effects of Restrictions on Property Transfers Section Repeal of Measures of Arrestment Section Refusal for Lacking Assets Section Order Opening the Insolvency Proceedings Section Requirements Incumbent on the Creditors and Debtors Section Docketing of Meetings Section Publication of the Order Opening the Insolvency Proceedings.
Land Register Section Assets Involved in the Insolvency Proceedings. Classification of Creditors Section Objects not Subject to Attachment Section Joint Marital Property of a Community Section Definition of the Creditors of the Insolvency Proceedings Section Lower ranking Creditors of the Insolvency Proceedings Section Claims to Maintenance Section Immature Claims Section Claims Subject to a Resolutory Condition Section Liability Incumbent on Several Persons Section Conversion of Claims Section Recurring Payments Section Right to Separation Section Separate Satisfaction from Immovables Section Separate Satisfaction of Pledgees Section Other creditors with a Claim to Separate Satisfaction Section Costs of the Insolvency Proceedings Section Designation of an Insolvency Administrator Section Election of a Different Insolvency Administrator Section Supervision by the Insolvency Court Section Dismissal of the Insolvency Administrator Section Liability of the Insolvency Administrator Section Period of Limitation Section Remuneration of the Insolvency Administrator Section Determination by the Insolvency Court Section Empowerment to issue an Order Section Rendering of Accounts Section Election of Different Members Section Determination of Voting Right Section General Effects Section Transfers of Property by the Debtor Section Performance in Favour of the Debtor Section Continued Community Section Liquidation of a Company or a Community Section Joinder of Pending Actions as Plaintiff Section Execution prior to the Opening of Insolvency Proceedings Section Prohibition of Execution Section Exclusion of other Acquisition of Rights Section General Damage Section Unlimited Liability of Partners Section Prohibition of Set-Off Section Imposition of the Duties of the Debtor Section Members of the Body Representing the Debtor.
Restriction of a Basic Right Chapter Two: Cooperation of the Works Council Section Option to be Exercised by the Insolvency Administrator Section Financial Futures Section Severable Contracts Section Priority Notice Section Retention of Title Section Continuity of Severable Contracts Section Sale of Property Let by the Debtor Section Termination of a Service contract Section Emoluments from a Service contract Section Expiry of Mandates Section Expiry of Management Contracts Section Expiry of Proxies Section Liquidation of Companies Section Termination of Plant Agreements Section Plant Modifications and Conciliatory Proceeding Section Judicial Approval of a Plant Modification Section Scope of the Social Plan Section Reconciliation of Interests and Dismissals Protection Section Action brought by the Employee Section Sale of Plant Chapter Three: Congruent Coverage Section Incongruent Coverage Section Wilful Disadvantage Section Gratuitous Benefit Section Loans Replacing Equity Capital Section Silent Partnership Section Payments on Bills of Exchange and Cheques Section Persons with a Close Relationship to the Debtor Section Date of Performance of Transaction Section Executable Deed Section Cash Transactions Section Legal Consequences Section Claims of the Party to the Contested Transaction Section Limitation of the Right to Contest Section Objects of Value Section Record of Creditors Section Survey of Property Section Deposit with the Registry of the Insolvency Court Section Decision on Disposition Section Report Meeting Section Decision on the Further Proceedings Section Measures taken prior to the Decision Section Transactions of Particular Importance Section Provisional Prohibition of the Transaction Section Sale of Plant below Value Section Legal Validity of the Transaction Chapter Three: Disposition of Immovables Section Disposition of Movables Section Notification of the Creditor Section Notification of Envisaged Sale Section Distribution of Proceeds Section Calculation of the Contribution to Costs Section Other Use of Movables Section Disposition by the Creditor Part Five: Satisfaction of the Creditors of the Insolvency Proceedings.
Discontinuation of the proceedings Chapter One: Determination of Claims Section Filing of Claims Section Proceedings of the Verification Meeting Section Subsequent Filings Section Prerequisites and Effects of Determination of Claims Section Denied Claims Section Competence for the Determination of Claims Section Scope of Determination Section Value of Action Section Effect of the Decision Section Special Jurisdiction Section Restitutio in Integrum Chapter Two: Satisfaction of the Creditors of the Insolvency Proceedings Section Distribution Record Section Consideration of Denied Claims Section Consideration of Conditional Claims Section