If the insolvency court decides to open the insolvency proceedings, the so-called insolvency estate will be distributed in the further course. The assets of the debtor are divided in accordance with statutory regulations for the ranking between the individual creditors. If the debtor comes back to money or the entire insolvency estate has been distributed, the insolvency proceedings must be discontinued. Upon termination or termination, only the closing date will take place.
Insolvency proceedings generally begin only on application, whereby there is sometimes an obligation to submit an application according to § 15a (1) and (2) InsO. Creditors can also have the right to apply if, for example, there are outstanding claims against the debtor and there is a threat of (further) default (§ 14 (1) sentence 1 InsO). In any case, a corporate crisis must therefore exist or threaten, which is relevant according to §§ 16 to 19 InsO in
This article does not replace tax or legal advice in an individual case. Facts, current law, jurisdiction, documentation and implementation remain decisive.