Insolvency Law

Insolvency procedures Overview

Insolvency ability

Insolvency proceedings may be made of the assets of any natural and legal person of private law, each (z.B. Joint-stock company (AG), Partnership limited by shares (KGaA), Limited liability company (GmbH), unincorporated association) be opened.

Insolvency are eligible to continue

  • general partnership (OHG), Limited partnership (KG)
  • Civil-law (GbR)
  • European Economic Interest Grouping (EEIG)

Insolvency reasons

The opening of insolvency proceedings presupposes, that an opening reason is given.

The following reasons are possible insolvency:

  • Insolvency: It is available, if the debtor or the debtor is unable, to meet the due payment obligations.
  • Imminent insolvency: This reason for insolvency is only possible, if the debtor has applied even the opening of insolvency proceedings.
  • Indebtedness: Case of a legal person (For example, GmbH) is also the indebtedness is reason for insolvency. Indebtedness exists, if the debtor's assets no longer cover the existing liabilities. The valuation of the assets does not follow Liquidation- but after going concern basis, if the continuation of the company is more likely than.

Safeguards

The insolvency court may order until a decision on the application for insolvency on various security measures:

  • Appointment of a provisional insolvency administrator / liquidator or a provisional
  • Appointment of a provisional Sachwalterin / a provisional Walters.
  • Adopting a general prohibition available (Administrative- and dispose of the debtor's assets goes to the provisional insolvency administration over) or
  • Adoption of a restricted available ban (Binding of the dispositions of the debtor to the approval of the preliminary insolvency administration).
  • Ban or temporary suspension of measures of execution against the debtor / debtor.
  • Arrangement of a preliminary postal lock.
  • forcible demonstration of the debtor / debtor or detention.

Jurisdiction

Responsible for filing for insolvency is the Bankruptcy Court (District Court, the district in which a district court has its seat) in which the debtor or the debtor has his or her general jurisdiction.

Voidable

By Voidable can the trustee for the benefit of mass make such transfers of assets undo, disadvantage the creditors of a debtor's insolvency. In the insolvency proceedings, the insolvency administrator is entitled, to challenge adverse actions by the debtor to the bankruptcy estate. The challenge of prohibited transfers of assets to the detriment of creditors in the insolvency crisis before the opening of insolvency proceedings is one of the most important measures to increase the insolvency estate.

For opposing party: Keep calm, the liquidator the insolvency tell nothing not contact and without legal support, in particular provide no factual information about the contested claim without prior examination of the contestability. At first glance, rather impertinent information can provide important evidence of the insolvency, such as "I was happy, that I even got money " (->Aware of the crisis).

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