Insolvenzverfahren Durchführung

Insolvency Code (InsO)

An application to open insolvency proceedings against the assets of a debtor can be filed by the debtor themselves (so-called own application) or by a creditor (so-called third-party application).

If an insolvency application is received by an insolvency court, the insolvency court examines whether this application is admissible and justified in so-called insolvency opening proceedings. It also checks whether the future insolvency estate is likely to be able to finance the costs of the insolvency proceedings.

If all requirements are met, the insolvency court opens the insolvency proceedings after completing its checks (for more information, see Insolvency proceedings opening order).

Insolvency proceedings can take the form of

• as so-called consumer insolvency proceedings (more information under "Conducting consumer insolvency proceedings"),
• as standard insolvency proceedings [more information under "Conducting standard insolvency proceedings for a (former) company"] or
• as estate insolvency proceedings (more information under "Conducting estate insolvency proceedings")

can be conducted.

Of particular importance for natural persons is the residual debt discharge procedure, which enables insolvent persons to obtain relief from their debts that have not been repaid in the insolvency proceedings (read more: Residual debt discharge procedure).

The Insolvency Code also offers the option of making a different arrangement in an insolvency plan, in particular to preserve the company (read: Insolvency plan as a restructuring instrument).

Without court involvement, a restructuring can also be carried out on the basis of a restructuring plan in accordance with the provisions of the German Corporate Stabilization and Restructuring Act (StaRUG), which also offers court instruments for support within a stabilization and restructuring framework (such as the court's preliminary examination of a plan or the appointment of a restructuring officer).

• Implementation of insolvency proceedings
• Joint satisfaction of the creditors of an insolvency debtor
• Realization of the debtor's assets
• Distribution of the proceeds
• Deviating regulation for the preservation of the company, if applicable

https://www.justiz.nrw/BS/formulare/insolvenz/index.php