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Insolvency Code
(Insolvenzordnung – InsO)

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Übersetzung durch Ute Reusch

Translation provided by Ute Reusch

Stand: Die Übersetzung berücksichtigt die Änderung(en) des Gesetzes durch Artikel 2 des Gesetzes vom 7. Mai 2021 (BGBl. I S. 850)
Der Stand der deutschsprachigen Dokumentation kann aktueller sein. Vergleichen Sie dazu bitte http://www.gesetze-im-internet.de/inso/BJNR286600994.html.

Version information: The translation includes the amendment(s) to the Act by Article 2 of the Act of 7 May 2021 (Federal Law Gazette I p. 850)
Translations may not be updated at the same time as the German legal provisions displayed on this website. To compare with the current status of the German version, see http://www.gesetze-im-internet.de/inso/BJNR286600994.html.

Zur Nutzung dieser Übersetzung lesen Sie bitte den Hinweis unter "Translations".

For conditions governing use of this translation, please see the information provided under "Translations".

Part 1
General provisions
Section 1Objectives of insolvency proceedings
Section 2Jurisdiction of local court as insolvency court
Section 3Local jurisdiction
Section 3aGroup jurisdiction
Section 3bContinuance of group jurisdiction
Section 3cJurisdiction for group ancillary proceedings
Section 3dReferral to court with group jurisdiction
Section 3eGroup of companies
Section 4Applicability of Code of Civil Procedure
Section 4aDeferment of costs of insolvency proceedings
Section 4bRepayment and adjustment of deferred amounts
Section 4cRescission of deferment
Section 4dLegal recourse
Section 5Principles of insolvency proceedings
Section 6Immediate appeal
Section 7(repealed)
Section 8Service
Section 9Publication
Section 10Hearing of debtor
Section 10aPreliminary meeting
Part 2
Opening of insolvency proceedings. Recognised assets and parties to proceedings
Division 1
Conditions and procedure for opening of proceedings
Section 11Admissibility of insolvency proceedings
Section 12Legal entities under public law
Section 13Request to open insolvency proceedings
Section 13aRequest to establish group jurisdiction
Section 14Request by creditor
Section 15Right of request in case of legal entities and associations without legal personality
Section 15aObligation to request in case of legal entities and associations without legal personality
Section 15bPayments in event of insolvency and overindebtedness; period of limitation
Section 16Reason to open insolvency proceedings
Section 17Insolvency
Section 18Imminent insolvency
Section 19Overindebtedness
Section 20Disclosure and cooperation requirements during opening proceedings. Reference to discharge of residual debt
Section 21Decisions ordering provisional measures
Section 22Legal status of provisional insolvency administrator
Section 22aAppointment of provisional creditors’ committee
Section 23Publication of restriction on property transfers
Section 24Effects of restrictions on property transfers
Section 25Repeal of preservation measures
Section 26Refusal for insufficiency of assets
Section 26aProvisional insolvency administrator’s remuneration
Section 27Order opening insolvency proceedings
Section 28Requirements incumbent on creditors and debtors
Section 29Docketing of meetings
Section 30Publication of order opening insolvency proceedings
Section 31Commercial Register, Register of Cooperatives, Register of Partnerships and Register of Associations
Section 32Land register
Section 33Ship/aircraft register
Section 34Appeal
Division 2
Insolvency estate. Classification of creditors
Section 35Definition of insolvency estate
Section 36Objects not subject to attachment
Section 37Joint marital property of community of property
Section 38Definition of insolvency creditors
Section 39Lower-ranking insolvency creditors
Section 40Claims to maintenance
Section 41Immature claims
Section 42Claims subject to resolutory condition
Section 43Liability incumbent on several persons
Section 44Rights of joint and several debtors and of guarantors
Section 44aSecured loans
Section 45Conversion of claims
Section 46Recurring payments
Section 47Right to separation
Section 48Right to separation extending to consideration received as substitute for object of separation
Section 49Separate satisfaction from immovables
Section 50Separate satisfaction of pledgees
Section 51Other creditors with claim to separate satisfaction
Section 52Elimination of creditors with right to separate satisfaction
Section 53Preferential creditors
Section 54Costs of insolvency proceedings
Section 55Other debts incumbent on estate
Division 3
Insolvency administrator. Bodies representing creditors
Section 56Appointment of insolvency administrator
Section 56aCreditor’s involvement in appointment of administrator
Section 56bAppointment of administrator for debtors in same group of companies
Section 57Election of different insolvency administrator
Section 58Supervision by insolvency court
Section 59Dismissal of insolvency administrator
Section 60Liability of insolvency administrator
Section 61Non-performance of debts incumbent on estate
Section 62Period of limitation
Section 63Remuneration of insolvency administrator
Section 64Determination by insolvency court
Section 65Authorisation to issue statutory instrument
Section 66Rendering of accounts
Section 67Establishment of creditors’ committee
Section 68Election of different members
Section 69Duties incumbent on creditors’ committee
Section 70Dismissal
Section 71Liability of members of creditors’ committee
Section 72Decisions of creditors’ committee
Section 73Remuneration of members of creditors’ committee
Section 74Convening creditors’ assembly
Section 75Request to convene creditors’ assembly
Section 76Decisions by creditors’ assembly
Section 77Determination of voting right
Section 78Repeal of decision taken by creditors’ assembly
Section 79Provision of information to creditors’ assembly
Part 3
Effects of opening insolvency proceedings
Division 1
General effects
Section 80Right to manage and transfer insolvency estate vested in insolvency administrator
Section 81Disposals by debtor
Section 82Performance in favour of debtor
Section 83Deceased’s estate. Continued community
Section 84Liquidation of company or community
Section 85Joinder of pending actions as plaintiff
Section 86Joinder of certain pending actions as defendant
Section 87Claims held by insolvency creditors
Section 88Execution prior to opening of insolvency proceedings
Section 89Prohibition of execution
Section 90Prohibition of execution under debts incumbent on estate
Section 91Exclusion of other acquisition of rights
Section 92General damage
Section 93Personal liability of partners
Section 94Preservation of right to set off claim
Section 95Acquisition of right to set off claim during proceedings
Section 96Prohibition of set-off
Section 97Debtor’s disclosure and cooperation requirements
Section 98Imposition of duties of debtor
Section 99Interception of debtor’s mail
Section 100Maintenance payments using insolvency estate
Section 101Members of body representing debtor. Employees
Section 102Restriction of basic right
Division 2
Performance of transactions. Cooperation of works council
Section 103Option to be exercised by insolvency administrator
Section 104Fixed-date transactions, financial services, contractual liquidation netting
Section 105Severable contracts
Section 106Priority notice
Section 107Retention of title
Section 108Continuity of certain continuous obligations
Section 109Debtor’s status as tenant or lessee
Section 110Debtor’s status as landlord or lessor
Section 111Sale of property let by debtor
Section 112Prohibition of termination of tenancy or lease contracts
Section 113Termination of employment
Section 114(repealed)
Section 115Expiry of mandates
Section 116Expiry of management contracts
Section 117Expiry of proxies
Section 118Liquidation of companies
Section 119Invalidity of deviating agreements
Section 120Termination of works agreements
Section 121Operational changes and conciliatory proceedings
Section 122Judicial approval of operational changes
Section 123Scope of social plan
Section 124Social plan established prior to opening of insolvency proceedings
Section 125Reconciliation of interests and dismissals protection
Section 126Judicial orders deciding on dismissal protection
Section 127Action brought by employee
Section 128Sale of enterprise
Division 3
Contest of debtor’s transactions in insolvency proceedings
Section 129Principle
Section 130Congruent coverage
Section 131Incongruent coverage
Section 132Transactions directly disadvantaging insolvency creditors
Section 133Wilful disadvantage
Section 134Gratuitous benefit
Section 135Loans replacing equity capital
Section 136Silent partnership
Section 137Payments on bills of exchange and cheques
Section 138Persons with close relationship to debtor
Section 139Calculation of time periods prior to request to open insolvency proceedings
Section 140Date of performance of transaction
Section 141Executable deed
Section 142Cash transactions
Section 143Legal consequences
Section 144Claims of party to contested transaction
Section 145Transactions contested and enforced against legal successors
Section 146Limitation of right to contest
Section 147Transactions carried out subsequent to opening of insolvency proceedings
Part 4
Management and disposal of insolvency estate
Division 1
Preservation of insolvency estate
Section 148Transfer of insolvency estate
Section 149Objects of value
Section 150Sealing
Section 151Record of insolvency estate
Section 152Record of creditors
Section 153Survey of property
Section 154Deposit with registry of insolvency court
Section 155Accounting under commercial and fiscal laws
Division 2
Decision on realisation
Section 156Report meeting
Section 157Decision on further proceedings
Section 158Measures taken prior to decision
Section 159Realisation of insolvency estate
Section 160Transactions of particular importance
Section 161Provisional prohibition of transaction
Section 162Sale of enterprise to persons with specific interests
Section 163Sale of enterprise below value
Section 164Legal validity of transaction
Division 3
Objects subject to right to separate satisfaction
Section 165Realisation of immovables
Section 166Realisation of movables
Section 167Notification of creditor
Section 168Notification of envisaged sale
Section 169Protection of creditor against delayed disposal
Section 170Distribution of proceeds
Section 171Calculation of contribution to costs
Section 172Other use of movables
Section 173Realisation by creditor
Part 5
Satisfaction of insolvency creditors. Discontinuation of proceedings
Division 1
Determination of claims
Section 174Filing of claims
Section 175Schedule
Section 176Procedure for verification meeting
Section 177Subsequent filings
Section 178Prerequisites and effects of determination of claims
Section 179Contested claims
Section 180Competence for determination of claims
Section 181Scope of determination
Section 182Value of action
Section 183Effect of decision
Section 184Action to enforce claim contested by debtor
Section 185Special jurisdiction
Section 186Restitutio in integrum
Division 2
Section 187Satisfaction of insolvency creditors
Section 188Distribution record
Section 189Consideration of contested claims
Section 190Consideration of creditors with right to separate satisfaction
Section 191Consideration of claims subject to condition precedent
Section 192Subsequent consideration
Section 193Amendments to distribution record
Section 194Objections to distribution record
Section 195Determination of fraction
Section 196Final distribution
Section 197Final meeting
Section 198Deposit of retained funds
Section 199Surplus resulting from final distribution
Section 200Termination of insolvency proceedings
Section 201Rights of insolvency creditors subsequent to termination
Section 202Jurisdiction for execution
Section 203Order to carry out delayed distribution
Section 204Appeal
Section 205Implementation of delayed distribution
Section 206Exclusion of preferential creditors
Division 3
Discontinuation of insolvency proceedings
Section 207Discontinuation for insufficiency of assets
Section 208Notification of insufficiency of assets
Section 209Satisfaction of preferential creditors
Section 210Prohibition of execution
Section 210aInsolvency plan in case of insufficient assets
Section 211Discontinuation upon notification of insufficiency of assets
Section 212Discontinuation for subsequent lack of grounds to open insolvency proceedings
Section 213Discontinuation with creditors’ consent
Section 214Discontinuation procedure
Section 215Publication and legal effects of discontinuation
Section 216Appeal
Part 6
Insolvency plan
Division 1
Establishment of plan
Section 217Principle
Section 218Submission of insolvency plan
Section 219Breakdown of plan
Section 220Declaratory part
Section 221Constructive part
Section 222Formation of groups
Section 223Rights of creditors entitled to separate satisfaction
Section 223aIntra-group third-party guarantees
Section 224Rights of insolvency creditors
Section 225Rights of lower-ranking insolvency creditors
Section 225aRights of shareholders
Section 226Equal treatment of parties
Section 227Debtor’s liability
Section 228Modification of conditions under property law
Section 229Survey of assets. Earnings and finance plan
Section 230Further attachments
Section 231Refusal of plan
Section 232Comments on plan
Section 233Suspension of realisation and distribution
Section 234Laying out of plan
Division 2
Acceptance and approval of plan
Section 235Discussion and voting meeting
Section 236Coincidence with verification meeting
Section 237Voting right of insolvency creditors
Section 238Voting right of creditors entitled to separate satisfaction
Section 238aVoting right of shareholders
Section 238bVoting right of those entitled as result of intra-group third-party guarantees
Section 239Voting list
Section 240Modification of plan
Section 241Separate voting meeting
Section 242Voting in writing
Section 243Voting by groups
Section 244Necessary majorities
Section 245Prohibition of obstruction
Section 245aNatural persons placed at disadvantage
Section 246Consent of lower-ranking creditors of insolvency proceedings
Section 246aConsent of shareholders
Section 247Debtor’s consent
Section 248Approval by court
Section 248aCourt approval of corrections to plan
Section 249Plan subject to conditions
Section 250Contravention of procedural provisions
Section 251Protection of minorities
Section 252Publication of decision
Section 253Appeal
Division 3
Effects of approved plan. Monitoring implementation of plan
Section 254General effects of plan
Section 254aRights in objects. Other effects
Section 254bEffects for all involved
Section 255Proviso of revival
Section 256Contested claims. Remaining claims
Section 257Execution under plan
Section 258Termination of insolvency proceedings
Section 259Effects of termination
Section 259aProtection against unfair judicial execution
Section 259bSpecial period of limitation
Section 260Monitoring implementation of plan
Section 261Tasks and rights of insolvency administrator
Section 262Disclosure requirement incumbent on insolvency administrator
Section 263Transactions requiring consent
Section 264Loan ceiling
Section 265Lower-ranking status of new creditors
Section 266Consideration of lower-ranking status
Section 267Publication of monitoring
Section 268Termination of monitoring
Section 269Costs of monitoring
Part 7
Coordination of proceedings concerning debtors which are members of same group of companies
Division 1
General provisions
Section 269aCooperation between insolvency administrators
Section 269bCooperation between courts
Section 269cCooperation between creditors’ committees
Division 2
Coordination proceedings
Section 269dCoordination court
Section 269eCoordinator
Section 269fCoordinatorʼs tasks and legal status
Section 269gCoordinatorʼs remuneration
Section 269hCoordination plan
Section 269iDeviations from coordination plan
Part 8
Debtor-in-possession management
Section 270Principle
Section 270aRequest; debtor-in-possession management plan
Section 270bOrder for provisional debtor-in-possession management
Section 270cProcedure for provisional debtor-in-possession management
Section 270dPreparations for restructuring; “protective shield”
Section 270eTermination of provisional debtor-in-possession management
Section 270fOrder for debtor-in-possession management
Section 270gDebtor-in-possession management in respect of debtor companies in group of companies
Section 271Subsequent order
Section 272Repeal of order
Section 273Publication
Section 274Legal status of insolvency monitor
Section 275Consent of insolvency monitor
Section 276Consent of creditors’ committee
Section 276aInvolvement of supervisory organs
Section 277Ordering requirement of consent
Section 278Funds for debtor’s livelihood
Section 279Mutual contracts
Section 280Liability. Contest of debtor’s transactions in insolvency proceedings
Section 281Notification of creditors
Section 282Realisation of securities
Section 283Satisfaction of insolvency creditors
Section 284Insolvency plan
Section 285Insufficiency of assets
Part 9
Discharge of residual debt
Section 286Principle
Section 287Debtor’s request
Section 287aDecision of insolvency court
Section 287bDebtor’s obligation to engage in gainful employment
Section 288Designation of trustee
Section 289Discontinuance of insolvency proceedings
Section 290Refusal of discharge of residual debt
Section 291(repealed)
Section 292Legal status of trustee
Section 293Trustee’s remuneration
Section 294Equal treatment of creditors
Section 295Debtor’s obligations
Section 295aDebtor’s obligations in case of self-employment
Section 296Contravention of obligations
Section 297Insolvency offences
Section 297aReasons for refusal becoming subsequently known
Section 298Coverage of trustee’s minimum remuneration
Section 299Expiry before date
Section 300Decision on discharge of residual debt
Section 300aNew acquisition during ongoing insolvency proceedings
Section 301Effect of discharge of residual debt
Section 302Excepted claims
Section 303Retraction of discharge of residual debt
Section 303aEntry in list of debtors
Part 10
Consumer insolvency proceedings
Section 304Principle
Section 305Debtor’s request to open insolvency proceedings
Section 305aFailure of out-of-court debt settlement
Section 306Suspension of proceedings
Section 307Service on creditors
Section 308Acceptance of plan for settlement of debts
Section 309Replacement of approval
Section 310Costs
Section 311Initiation of proceedings concerning opening of insolvency proceedings
Section 312(repealed)
Section 313(repealed)
Section 314(repealed)
Part 11
Special types of insolvency proceedings
Division 1
Probate insolvency proceedings
Section 315Local jurisdiction
Section 316Admissibility of opening of insolvency proceedings
Section 317Persons entitled to request opening of proceedings
Section 318Entitlement to make request for joint marital property
Section 319Submission deadline
Section 320Reasons for opening
Section 321Execution following succession
Section 322Contestable transactions on part of heir
Section 323Heir’s expenses
Section 324Debts incumbent on estate
Section 325Obligations incumbent on estate
Section 326Heir’s claims
Section 327Lower-ranking obligations
Section 328Restituted objects
Section 329Reversionary succession
Section 330Purchase of deceased’s estate
Section 331Simultaneous insolvency of heir
Division 2
Insolvency proceedings relating to joint marital property of continued community of property
Section 332Referral to insolvency proceedings opened for estate
Division 3
Insolvency proceedings relating to jointly administered marital property of a community
Section 333Right to file request. Grounds for opening proceedings
Section 334Personal liability of spouses
Part 12
International insolvency law
Division 1
General provisions
Section 335Principle
Section 336Contract on immovable
Section 337Employment
Section 338Set-off
Section 339Contesting transactions in insolvency proceedings
Section 340Organised markets. Pension transactions
Section 341Exercising creditor rights
Section 342Return. Imputation
Division 2
Foreign insolvency proceedings
Section 343Recognition
Section 344Preservation measures
Section 345Publication
Section 346Land register
Section 347Proof of appointment of administrator. Notification of court
Section 348Insolvency court with jurisdiction. Cooperation between insolvency courts
Section 349Realisation of immovables
Section 350Performance in debtor’s favour
Section 351Rights in rem
Section 352Interruption and joinder of action
Section 353Enforceability of foreign judgments
Division 3
Territorial insolvency proceedings relating to domestic assets
Section 354Conditions for territorial insolvency proceedings
Section 355Discharge of residual debt. Insolvency plan
Section 356Secondary insolvency proceedings
Section 357Cooperation between insolvency administrators
Section 358Surplus resulting from final distribution
Part 13
Entry into force
Section 359Referral to Introductory Act