Hamburg District Court

Insolvency plan resolution

Prerequisites

• An application has been made to open insolvency proceedings.
• You are entitled to submit the insolvency plan as
  • Debtor or
  • Insolvency administrator
• The content of the insolvency plan, in particular regarding the proper formation of groups, complies with the legal requirements.
• The insolvency plan is deemed to be accepted if:
  • all parties involved agree or
  • no rejecters are disadvantaged

Documents required

• insolvency plan
  • Performing part
    • Analysis of the causes of the corporate crisis
    • Measures that have been and will be taken after the opening of proceedings to meet the demands of the parties involved
    • The section should include, among other things, the following points:
      • economic situation and perspective
      • Industry situation
      • Crisis factors and causes
      • Earnings situation and prospects of success
      • Vulnerabilities
      • Restructuring opportunities
  • Creative part
    • Information on the impact the plan will have on the legal status of the parties involved
    • List of eligible persons in groups within which the eligible persons are treated equally (exceptions possible with the consent of the persons concerned)
    • For example, you can note here:
      • Monitoring of plan implementation by the insolvency administrator (maximum three years)
      • Waiver of claims by insolvency creditors
      • Deferment of non-waived claims
      • Participation of insolvency creditors in the debtor company
  • Plan layout
    • Budgeted balance sheets
    • Profit and loss statements for the plan period
    • Liquidity statements
    • in the event of the company continuing to operate:
    • Statements by the debtor, creditors and third parties
    • Asset overview

Please note

An insolvency plan consists of two parts:

• the descriptive part, which explains the economic situation, and
• the design part, which contains concrete regulations.

Each group of participants votes separately on the insolvency plan. The majority of the claims counts—not the number of people, but the amount of the individual claims.

The District Court does not provide legal advice. Please contact a law firm or notary's office.

The Public Legal Information Service (ÖRA) offers affordable legal advice for people with low incomes.

Deadlines

• Submission of the insolvency plan: at the latest by the final date


• Monitoring period after acceptance of insolvency plan: maximum three years

Procedure

• You write an insolvency plan including the necessary plan attachments.
• You submit the insolvency plan with the complete plan attachment to the competent insolvency court.
• The insolvency court examines the plan and the submitted documents.
• If the examination result is positive, the insolvency court will obtain statements from certain parties involved in the proceedings (creditors' committee, works council, insolvent debtor or insolvency administrator).
• The insolvency plan, together with the plan annexes and statements, will be made available for inspection by the parties to the proceedings at the registry of the insolvency court.
• The insolvency court sets a date for discussion and voting.
• At the hearing, the beneficiaries vote on the insolvency plan.
• The insolvency court will decide on your application.
• The debtor concerned expressly or tacitly consents to the insolvency plan.
• If the necessary consents are obtained, the following parties will be heard:
  • the debtor,
  • the insolvency administrator and
  • the creditors’ committee (if applicable).
• The insolvency court confirms the plan.
• The insolvency court decides to terminate the insolvency proceedings.
• If the plan is not accepted or confirmed, the insolvency administrator will realize the insolvency estate and liquidate the company.

Processing time

The processing time depends on the individual case.

Fees

The value of the insolvency estate at the end of the proceedings is decisive for calculating the exact costs.


If you, as the debtor, file an application for the opening of insolvency proceedings yourself, you will be charged half a court fee (0.5 fee).

Legal remedies

If the insolvency plan is rejected, you can immediately appeal the decision.

Legal basis

Sections 217 to 269 of the Insolvency Code (InsO) – Insolvency plan


https://www.gesetze-im-internet.de/inso/__217.html


No. 2310 KV GKG


https://www.gesetze-im-internet.de/gkg_2004/anlage_1.html