Part Eleven – International Insolvency Law

Chapter Two – Foreign Insolvency Proceedings

Section 346 – Land Register

(1) If the debtor’s power of disposal is restricted as a result of the commencement of proceedings or the ordering of protective measures under section 343 (2) or section 344 (1), on application by the foreign insolvency administrator the insolvency court shall request the Land Registry to register the commencement of insolvency proceedings and the nature of the restriction of the debtor’s power of disposal in the Land Register:

1. in respect of plots of land for which the debtor is registered as owner;

2. in respect of the debtor’s registered rights in plots of land and in registered rights if there are concerns, based on the type of rights and in the circumstances, that the insolvency creditors would be disadvantaged in the absence of registration.

(2) An application under subsection (1) is admissible only if it is demonstrated to the satisfaction of the court that the factual requirements for recognition of the commencement of proceedings are present. The foreign administrator has the right of immediate appeal against the decision of the insolvency court. Section 32 (3) sentence 1 applies with the necessary modifications to the deletion of the entry.

(3) Subsections (1) and (2) apply with the necessary modifications to the registration of commencement of insolvency proceedings in the Register of Ships, Register of Ships under Construction and Register of Liens on Aircraft.

COPYRIGHT © Schultze & Braun 2017

German Insolvency Code / in force since 29. December 2016