Part Eleven – International Insolvency Law

Chapter Three – Territorial Insolvency Proceedings Relating to Domestic Assets

Section 357 – Co-operation between Insolvency Administrators

(1) The insolvency administrator shall notify the foreign administrator without delay of all circumstances which may be of relevance for implementation of the foreign proceedings. He/she shall give the foreign administrator the opportunity to submit proposals for the realisation or other use of the domestic assets.

(2) The foreign administrator is entitled to attend the creditors’ meetings.

(3) An insolvency plan must be forwarded to the foreign administrator for comment. The foreign administrator is entitled to submit his/her own plan. Section 218 (1) sentences 2 and 3 apply with the necessary modifications.

COPYRIGHT © Schultze & Braun 2017

German Insolvency Code / in force since 29. December 2016