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Law on the reorganisation of credit institutions

Original Language Title: Gesetz zur Reorganisation von Kreditinstituten

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Law for the reorganization of credit institutions (credit institution-reorganization act-KredReorgG)

Unofficial table of contents

KredReorgG

Date of completion: 09.12.2010

Full quote:

" Credit institution-reorganization law of 9 December 2010 (BGBl. I p. 1900), most recently by Article 6 of the Law of 10 December 2014 (BGBl. I p. 2091) "

Status: Last amended by Art. 6 G v. 10.12.2014 I 2091

For more details, please refer to the menu under Notes

Footnote

(+ + + Text evidence from: 1.1.2011 + + +) 

The G was decided as Article 1 of the G v. 9.12.2010 I 1900 by the Bundestag with the consent of the Bundesrat. It's gem. Article 17, second sentence, of this G entered into force on 1 January 2011. Unofficial table of contents

Content Summary

Section 1General provisions
§ 1 Principles of reorganisation and reorganisation procedures
Section 2Sanation Procedure
§ 2 Initiation and application of the refurbishment process; contents of the remediation plan
§ 3 Arrangement of the refurbishment procedure; appointment of the reorganisation adviser
§ 4 Legal status of the reorganisation adviser; authorisations for the regulation
§ 5 Judicial measures
§ 6 Implementation of the refurbishment plan; repeal of the reorganisation procedure
Section 3Reorganisation procedures
§ 7 Initiation, application and arrangement of the reorganisation procedure
§ 8 Content of the reorganization plan
§ 9 Conversion of claims into equity
§ 10 Other company law regulations
§ 11 Outsourcing
§ 12 Interventions in creditor rights
§ 13 Termination of debt
§ 14 Notification of claims
§ 15 Verification and determination of claims
§ 16 Preparation of the vote on the reorganization plan
§ 17 Creditors ' vote
§ 18 Voting of the shareholders
§ 19 Adoption of the reorganization plan
§ 20 Judicial confirmation of the reorganization plan
Section 21 General effects of the reorganisation plan; registration in the commercial register
Section 22 Repeal of the reorganization procedure; monitoring of the plan performance
Section 23 Protection of financial collateral as well as payment and securities systems

Section 1
General provisions

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§ 1 Principles of reorganization and reorganization procedures

(1) Reorganisation procedures and reorganization procedures are used to stabilise the financial market by reorganization or reorganization of credit institutions within the meaning of Article 1 (1) of the German Banking Act (Kreditwesengesetz) with its registered office in Germany (credit institutions). The reorganization procedure presupposeth a risk to the stability of the financial system. (2) For both procedures, unless this law otherwise determines otherwise, the rules of the Code of Civil Procedure shall apply. (3) The procedures in the proceedings judicial decisions shall be taken by decision and shall be indisputable. The Court of First Instance has to investigate, on its own account, all the circumstances which are relevant to the proceedings. (4) A liability of the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, Bundesanstalt) for acts under this law is excluded if the the legal requirements for the admissibility of the act are not available, but the Bundesanstalt may assume that the conditions are met in the event of a permanent assessment of the circumstances that may be recognized at the time of the act. If the credit institution concerned is not responsible for these circumstances, the credit institution shall be entitled to compensation. § 4 Paragraph 4 of the Financial Services Supervisory Act remains unaffected. (5) The powers of the Federal Institution under other laws remain unaffected.

Section 2
Refurbishment proceedings

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§ 2 Introduction and application of the reorganisation procedure; contents of the remediation plan

(1) The credit institution shall initiate the reorganisation procedure by indicating the need for remediation at the Federal Institute. The requirements of § 45 (1) sentences 1 and 2 of the Banking Act are fulfilled. With this ad, the Institute is also satisfied with its obligation under Section 46b (1) of the Banking Act. (2) With the indication of the need for refurbishment, the credit institution shall submit a recovery plan and propose a suitable reorganisation advisor. The recovery plan may include any measures which are likely to achieve a remediation of the credit institution without any intervention in third parties. In the recovery plan, it can be provided that the insolvency creditors are subordinated to creditors with claims in a subsequent insolvency proceedings, which will be opened within three years after the implementation of the implementation. Loans and other loans taken by the credit institution in the implementation of the recovery plan. In this case, a total amount for such loans should be established (credit framework). This may not exceed 10% of own resources. § 264 (2) of the Insolvency Code shall be applied accordingly with the proviso that the insolvency administrator shall be replaced by the reorganisation adviser. (3) The Federal Institute shall immediately apply for the implementation of the reorganisation procedure if: it considers this to be appropriate. The Oberlandesgericht (Oberlandesgericht), which is responsible for legal proceedings against the Federal Institute, decides on the application, taking into account the special need for urgent action. The Federal Institute shall send a statement of opinion to the Oberlandesgericht (Oberlandesgericht) with an opinion, in particular statements on the prospects of a refurbishment on the basis of the remediation plan and on the suitability of the proposed remediation adviser . The Federal Institute may, after consulting the credit institution, propose to the Oberlandesgericht a different restructuring adviser if it considers the restructuring adviser proposed by the credit institution to be unsuitable. (4) Unless the Federal Institute for , the application shall be deemed to be withdrawn if a measure is ordered in accordance with § § 45c, 46 or 46b or if a settlement order is issued within the meaning of Section 77 of the Sanitization and Settlement Act. The Federal Institute shall present the order in these cases to the Oberlandesgericht. (5) The Federal Institute shall take the decisions on measures under paragraph 3 in consultation with the Federal Financial Market Stabilisation Institute, provided that a credit institution is subject to the measures under the Financial Market Stabilisation Fund Act. The Bundesanstalt is entitled to provide the Bundesanstalt für Finanzmarktstabilise (Bundesanstalt für Finanzmarktstabilisation) with the information required for the decision. Unofficial table of contents

§ 3 Order of the reorganisation procedure; appointment of the reorganisation advisor

(1) If the application is admissible and the recovery plan is not manifestly unsuitable, the Higher Regional Court shall order the implementation of the reorganisation procedure. At the same time, the Higher Regional Court orders the proposed remediation adviser, provided that it is not clearly unsuitable. Participation in the preparation of the remediation plan is not a criterion for a lack of suitability. In the event of a clear lack of suitability, the Oberlandesgericht (Oberlandesgericht) shall appoint another reorganisation adviser after hearing the credit institution and the Federal Institute. (2) The effects of § 2 (2) sentence 3 shall enter into force with the order referred to in paragraph 1; Acts in accordance with this provision are presumed not to be carried out with the aim of penalised by the other creditors. An insolvency creditor may, after the opening of a bankruptcy proceedings, bring an action before the court of proceedings against a priority insolvency creditor for a determination that the conditions for the initiation of the reorganisation procedure are not met (3) The member of an institution or other member of the credit institution may also be appointed to the reorganisation advisor. If such a person is appointed to the reorganisation advisor, the Oberlandesgericht may, at the request of the Federal Institute, appoint another reorganisation advisor without having to give an important reason. (4) The Oberlandesgericht (Oberlandesgericht) are, in so far as no deviations from the provisions of this Act arise, the provisions of the Code of Civil Procedure in force before the Landgericht proceedings, with the exception of Sections 348 to 350 of the Code of Civil Procedure. shall apply accordingly. Unofficial table of contents

Section 4 Legal status of the reorganisation adviser; Regulation empowerment

(1) The reorganisation advisor shall be entitled to:
1.
to enter the premises of the credit institution and to investigate it there,
2.
to consult the credit institution's books and business documents and to require the submission of documents and the provision of all necessary information;
3.
participate in an advisory capacity at all meetings and meetings of all institutions and other bodies of the credit institution,
4.
to issue instructions to the management of the credit institution,
5.
carry out independent audits to determine claims for damages against organ members or former organ members of the credit institution, or to arrange for special audits; and
6.
monitor compliance with the requirements of the Financial Market Stabilisation Fund Act.
(2) The reorganisation advisor shall be under the supervision of the Higher Regional Court. Both the Oberlandesgericht (Oberlandesgericht) and the Bundesanstalt (Bundesanstalt) can request individual information or a report on the state of play and the management of the institution at any time. The Oberlandesgericht (Oberlandesgericht) can dismiss the reorganisation adviser from office for an important reason. The dismissal may take place on its own initiative or at the request of the Federal Institute. Prior to the decision, the reorganisation adviser is to be heard. If a credit institution has been granted the measures under the Financial Market Stabilisation Fund Act, the Federal Financial Market Stabilisation Office may also require the information or reports referred to in sentence 2, and the The Sanierungsberater (Sanierungsberater) is obliged to pay damages to all those involved if he culpably violates the obligations under this Act. (4) The Sanierungsberater (Sanierungsberater) has the right to pay damages. A claim against the credit institution for remuneration and for reimbursement of reasonable expenses. The Oberlandesgericht (Oberlandesgericht) shall determine the amount of the remuneration and of the necessary outlays at the request of the reorganisation adviser after consulting the credit institution by means of an indisputable decision. The Federal Ministry of Justice is authorized to regulate the remuneration and reimbursement of expenses of the reorganisation adviser by means of a regulation without the consent of the Federal Council. Unofficial table of contents

Section 5 Judicial measures

(1) The Oberlandesgericht (Oberlandesgericht) may, on a proposal from the Bundesanstalt, which is to be justified, take further measures if this is necessary for the reorganization of the credit institution and if there is a risk that the credit institution will fulfil its obligations to the creditors. It may in particular:
1.
prohibit or restrict the performance of their activities to members of the management and to the holders,
2.
order the reorganisation adviser to be included in the management,
3.
to prohibit or restrict the taking of profits by the proprietors or members and the distribution of profits,
4.
Review the existing remuneration and bonus schemes of the Executive Board for their incentive effect and adequacy and, if necessary, make an adjustment for the future, as well as prohibitions on payment of services not due to payment , and
5.
shall replace the consent of the supervisory body.
(2) The Oberlandesgericht (Oberlandesgericht) may take a decision on further measures pursuant to paragraph 1 at the same time as the order in accordance with § 3 or retrospection, and may change from its own motion with effect for the future. Prior to that, the credit institution and the person directly concerned by a measure referred to in paragraph 1 shall have the opportunity to comment. If this is exceptionally not possible due to special circumstances, the Oberlandesgericht will immediately give them an opportunity to comment. In this case, the Oberlandesgericht (Oberlandesgericht) shall review the decision taken in the light of the comments received; if there is no reason for an amendment thereafter, it shall inform the parties informally accordingly. Unofficial table of contents

§ 6 Implementation of the refurbishment plan; repeal of the reorganisation procedure

(1) The reorganisation adviser implements the remediation plan. It may, in agreement with the Federal Institute and the Higher Regional Court, make changes to the remediation plan; this does not apply to regulations pursuant to § 2 (2) sentence 3. (2) The reorganisation adviser reports to the Oberlandesgericht (Oberlandesgericht) and the Bundesanstalt (Oberlandesgericht) of the Federal Institute for Sanation regularly on the state of the refurbishment. If a credit institution has been granted the measures under the Financial Market Stabilisation Fund Act, he shall also report to the Federal Financial Market Stabilisation Agency. (3) Before the reorganisation advisor, the Oberlandesgericht (Oberlandesgericht) He has to inform the Federal Institute of the completion of the reorganisation procedure. The Oberlandesgericht (Oberlandesgericht) decides to repeal the reorganisation procedure. If a reorganisation procedure is to be initiated, it will combine the lifting of the reorganisation procedure with the decision on the application for the reorganisation procedure.

Section 3
Reorganization procedure

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§ 7 Introduction, application and arrangement of the reorganization procedure

(1) If the credit institution considers a reorganization procedure to be hopeless, it can immediately initiate a reorganization procedure by displaying it at the Federal Institute on presentation of a reorganization plan. If a reorganization procedure is to be carried out after failure of a refurbishment procedure, the notification shall be made with the consent of the credit institution at the Federal Institute on presentation of the reorganization plan by the reorganisation advisor. (2) After the Notification by the credit institution the Federal Institute may submit an application for the implementation of the reorganization procedure if the conditions for a settlement order are available within the meaning of Section 77 of the Sanitation and Settlement Act. (3) Oberlandesgericht dismises the reorganization plan and the application Implementation of the reorganization procedure, if the provisions on the content of the reorganization plan are not observed and the defect is not remedied within a reasonable period set by the Higher Regional Court. The Oberlandesgericht (Oberlandesgericht) gives the credit institution and the Bundesanstalt an opportunity to comment. (4) If the application is not rejected in accordance with paragraph 3, the Oberlandesgericht (Oberlandesgericht) shall decide, after hearing the Bundesanstalt, that the The German Bundesbank and the credit institution as to whether the conditions laid down in paragraph 2 are met. This decision shall be linked to the decision on the application for the implementation of the reorganisation procedure. (5) Unless otherwise specified for the reorganisation procedure, the rules on the reorganisation procedure shall apply. accordingly. § 46d (1) to (4) of the Banking Act shall apply accordingly. For credit institutions, which are written in a legal form other than a public limited company, the following rules apply in accordance with the provisions of the following rules. Unofficial table of contents

§ 8 Content of the reorganization plan

(1) The reorganization plan consists of a representative and a formative part. This section describes the rules to be taken in order to lay the foundations for the rights of the persons concerned. In the design part, it is determined how the legal status of the parties concerned is to be changed by the reorganization plan; it may also contain provisions in accordance with § 2, paragraph 2, sentence 3. The liquidation of the credit institution may also be provided for in the reorganisation plan. To the extent that the reorganization plan contains the company law measures subject to the obligation to enter into force, these are to be listed separately. (2) In the reorganization plan groups are to be formed for the vote in accordance with § § 17 and 18, provided that the rights of Participants are intervened. Participants with different legal positions form their own groups. The parties with the same legal status may form groups in which parties with similar economic interests are grouped together. The shareholders will only form their own group if regulations are provided for in the reorganization plan, for which a resolution of the general meeting is required or provided for in this law in accordance with the company law provisions. (3) The reorganisation plan can intervene in the rights of creditors and in the position of the shareholders in accordance with § § 9 to 12. Unofficial table of contents

§ 9 Conversion of claims into equity

(1) In the formative part of the reorganization plan, it may be provided that claims by creditors are converted into shares in the credit institution. A conversion against the will of the creditors concerned shall be excluded. In particular, the reorganization plan may provide for a capital reduction or increase, the performance of contributions in kind, or the exclusion of subscription rights. In favour of the creditors referred to in the first sentence, the second sentence of Article 39 (4) and the fifth paragraph of Article 39 of the Insolvency Code shall be applied accordingly. (2) For a measure within the meaning of paragraph 1, the credit institution shall have adequate to provide compensation. The appropriateness of the compensation shall be determined by one or more expert auditors. These are selected and appointed by the Higher Regional Court at the request of the Reorganisation Adviser. (3) Legal acts related to a capital measure pursuant to paragraph 1 may not be applied in accordance with the provisions of the Insolvency Code and the Appeal law is challenged at the expense of
1.
the Financial Market Stabilisation Fund,
2.
of the federal and state governments,
3.
the bodies, institutions and special assets established by the Financial Stability Fund and the Federal Government, and
4.
the persons or other persons directly or indirectly dependent on the Financial Market Stabilisation Fund and the Federation.
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§ 10 Other company law regulations

In the formative part of the reorganization plan, all the regulations permitted under company law may be taken which are likely to promote the reorganization of the credit institution. This applies in particular to changes in the statutes and to the transfer of the credit institution's share and membership rights to other companies. The fourth sentence of Article 9 (1), (2) and (3) shall apply accordingly. Unofficial table of contents

§ 11 Breakdown

(1) In the formative part of the reorganization plan, it may be determined that the credit institution shall outsource its assets in whole or in part and to an existing or to be founded legal entity against the granting of shares of that legal entity the credit institution. The formative part of the reorganization plan may also stipulate that individual assets, liabilities or legal relationships shall be transferred back to the transferring credit institution. The reorganization plan shall contain at least the information referred to in Article 136 (1) (1), (2), (3) and (5) of the Sanation and Settlement Act, as well as information on the consequences of the breakdown for the employees and their representations, and to the extent to which they are based. shall be included. Section 110 (2) of the Sanation and Resolution Act applies accordingly. (2) If the reorganization plan provides for a breakdown, it may only be confirmed by the Higher Regional Court if a notarially assessed Declaration of consent of the accepting legal entity. In addition, Section 115 (1), second sentence, and paragraph 3 of the Sanation and Settlement Act, as well as § 21 (3), apply to the transfer to the register court of the accepting legal entity. (3) A breakdown is provided in the reorganization plan. To be re-established, the statutes of the new legal entity of the credit institution's statutes to be included in the reorganization plan must be re-established. The founding rules applicable to the legal form of the new legal entity shall be applied; the second sentence of Article 21 (1) and the third sentence of paragraph 1 shall remain unaffected. A final balance sheet within the meaning of the second sentence of paragraph 2 shall be attached; Article 21 (3) shall apply to the supply line to the register court of the new legal entity. (4) For liabilities of the affiliated credit institution, which shall be the In the case of a spin-off for the re-establishment of a new credit institution and the new legal entity, the breakdown of the credit institution and the acquiring legal entity shall be liable to the extent of the breakdown. The joint and several liability of the accepting or the new legal entity shall be limited to the amount which the creditors would have received without a spin-off. The claims of creditors, which are covered by the reorganization plan, are determined exclusively by the provisions of this plan. Section 141 of the Sanitization and Resolution Act shall apply accordingly. Unofficial table of contents

§ 12 interventions in creditors ' rights

(1) In the formative part of the reorganization plan, it shall be stated by which fraction the claims of creditors shall be reduced, for which period they shall be stranded, how they shall be secured or what other provisions they shall be subject to. (2) Intervention in a claim for which, in the event of compensation, the creditor is entitled to a compensation claim against a security institution within the meaning of Section 23a of the Banking Act is excluded. This also applies to claims covered by a voluntary deposit guarantee. (3) An intervention in the claims of employees on pay and by persons entitled to a pension on occupational retirement provision is excluded. Unofficial table of contents

Section 13 Termination of debt

Obligations with the credit institution cannot be terminated as from the day on which the credit institution is displayed in accordance with § 7 (1) until the end of the following business day within the meaning of Section 1 (16b) of the Banking Act. A notice of termination with respect to the credit institution shall be excluded during this period. The effect of other end-of-life stocks entering into this period shall be deferred until its expiry. Deviating agreements are ineffective. This shall not apply to creditors of debt claims in accordance with Section 12 (2). Unofficial table of contents

Section 14 Registration of claims

(1) The creditor in whose rights is intervened in accordance with § 12 shall invite the reorganization advisor to register his claims with him within a time limit set by him, which shall be at least three weeks. The invitation shall be linked to the summons in accordance with Article 17 (3). The notification shall indicate the reason and the amount of the claim, and the documents from which the claim is made shall be presented on request. § 46f of the Banking Act shall apply mutatis-ly, with the proviso that the reorganization advisor shall be replaced by the office of the insolvency court. (2) The reorganisation advisor shall have each request notified in accordance with the provisions of paragraph 1 to enter the information referred to therein in a table. Unofficial table of contents

Section 15 Examination and determination of claims

(1) In order to determine the voting rights, the amount of claims notified within the time limit shall be examined in the voting date. The amount of the amount shall be decisive for the right to vote at the time of the examination of the respective claim. If claims are disputed by the reorganization advisor, these are to be discussed individually. (2) If a non-legally binding claim was disputed by the reorganization advisor, then the creditor can oppose him on the civil law path. Make a statement to the table. If, after the conclusion of this procedure, the creditor has found that the vote would have led to his recovery in the reorganization plan, he shall be entitled to a compensation against the credit institution. Unofficial table of contents

Section 16 Preparation of the vote on the reorganization plan

If the Higher Regional Court orders the implementation of the reorganization procedure, it shall issue the relevant contents of the reorganization plan in the office for the purpose of inspection for the parties and shall determine an appointment in which the The reorganisation plan and the voting rights of the creditors will be discussed and will be voted on through the reorganization plan. The date shall be set within one month after the organisation of the implementation of the reorganisation procedure. At the same time, the Oberlandesgericht (Oberlandesgericht) shall determine an appointment for the shareholders 'meeting of shareholders for the vote in accordance with § 18; this date shall be held before the creditors' meeting and voting date in accordance with the first sentence. Unofficial table of contents

Section 17 Voting of creditors

(1) Each group of the creditors entitled to vote shall vote separately on the reorganization plan. (2) The convening of the appointment shall be made at the instigation of the reorganization adviser by means of a public notice in the Federal Gazette. The convocation must be convened at the latest by the 21. Day before the date. The credit institution shall, from the date of the public notice referred to in the first sentence of the preceding paragraph, make the following information available on its Internet site until the end of the vote:
1.
the convening,
2.
the precise conditions on which participation in the vote and the exercise of the voting rights depend, and
3.
the voting content of the reorganization plan.
The public notice shall indicate the exact place and date of the date and a reference to the Internet site where the information referred to in the third sentence is available. (3) In addition to the convocation referred to in paragraph 2, the date shall be: Creditors, in whose rights according to § 12 are intervened, are to be charged by the reorganization advisor. It should be noted in the summons that the information referred to in the third sentence of paragraph 2 is available on the credit institution's website. (4) The charge must be delivered. Delivery may be effected by mail at the address of the delivery addressee; § 184 (2) sentences 1, 2 and 4 of the Code of Civil Procedure shall apply accordingly. If the charge is to be effected domestiy, it shall be deemed to be delivered to the post office three days after the assignment. The Oberlandesgericht (Oberlandesgericht) instructs the reorganisation adviser to carry out the cargo. It may serve third parties, especially its own staff. He shall immediately submit the endorsements made by him pursuant to Section 184 (2) sentence 4 of the Code of Civil Procedure to the court records. Unofficial table of contents

Section 18 Voting of the shareholders

(1) The shareholders shall vote separately in the context of a general meeting on the reorganization plan. (2) The Annual General Meeting will be convened by the reorganization advisor. The convening of the Annual General Meeting must be held at the latest by 21. Day before the Annual General Meeting. Section 121 (3) to (7), § 123 (1) sentence 2, paragraphs 2 and 3 and § § 124 to 125 of the German Stock Corporation Act shall apply. (3) The decision on the acceptance of the reorganization plan shall require a majority of the votes cast. If the subscription right is excluded in whole or in part in a decision on the increase in the share capital, or if the share capital is reduced, the decision shall require a majority of at least two-thirds of the votes cast, or of the of the basic capital represented. The simple majority is sufficient if half of the share capital is represented. Section 134 (1) to (3) of the German Stock Corporation Act applies accordingly. Deviating statutes are incontedible. (4) Shareholders may declare opposition to the minutes against the decision. If the reorganization plan is not accepted, the confirmation procedure in accordance with Section 20 (5) may only take part if he has held his negative vote for the minutes. (5) The resolution of the Annual General Meeting is the Legal action for action. Only the district court, which is responsible for actions against the Federal Institute, decides on the action of a challenge. § 246a of the German Stock Corporation Act (AktG) is to be applied accordingly, with the proviso that the application must be submitted by the reorganization advisor to the Oberlandesgericht (Oberlandesgericht) in accordance with Section 2 (3) sentence 2. Unofficial table of contents

Section 19 Adoption of the reorganization plan

(1) For the adoption of the reorganization plan, all groups must agree to the reorganization plan. To this end, it is necessary to
1.
the group of shareholders agrees in accordance with section 18 (3), and
2.
in each group of creditors, the majority of the voting creditors agree to the reorganization plan and
3.
in each group of creditors, the sum of the claims of the creditors to be approved shall be more than half the sum of the claims of the creditors to be held.
In the meeting and voting date of the creditors, the reorganization advisor shall notify the resolution of the Annual General Meeting in accordance with § 18. (2) Even if the required majorities are not reached in a creditor group, their consent shall be deemed to be valid. issued if:
1.
the creditors of that group are not likely to be made worse by the reorganization plan than they would be without a reorganization plan; and
2.
the creditors of that group are adequately involved in the economic value to be allocated to all those concerned on the basis of the reorganisation plan; and
3.
the majority of the voting groups agreed to the reorganization plan with the majorities required.
(3) An appropriate participation within the meaning of paragraph 2 (2) shall be provided if, in accordance with the reorganisation plan,
1.
does not receive any other creditor economic values which exceed the full amount of his claim; and
2.
neither a creditor who would be able to satisfy the group's creditors without a reorganization plan, nor the credit institution or any person involved in the creditor, receives an economic value; and
3.
no creditor, who would be able to satisfy the group's creditors without a reorganization plan, will be better placed than those creditors.
(4) If the consent of the shareholders has been refused, it shall be deemed to have been granted if:
1.
the majority of the voting groups have agreed to the reorganisation plan with the majorities required; and
2.
the measures provided for in the reorganization plan, in accordance with § § 9 to 11, serve to create significant negative effects on other companies in the financial sector as a result of the credit institution's risk of stock and instability in the financial system; , and where such measures are appropriate, necessary and appropriate; if the shareholders have presented an alternative approach, this should also be taken into account.
The reorganisation adviser shall inform the shareholders of the Internet site of the credit institution if their consent is to be replaced in accordance with paragraph 4. Unofficial table of contents

§ 20 Judicial confirmation of the reorganization plan

(1) After the acceptance of the reorganization plan by the parties concerned, the reorganization plan shall be subject to confirmation by the Higher Regional Court. The confirmation or its failure shall be effected by decision which is to be announced in a special appointment. This should take place no later than one month after the date of acceptance of the reorganization plan. (2) The confirmation shall be refused by its own motion,
1.
if the provisions relating to the content and the procedural treatment of the reorganisation plan and the acceptance by the parties have not been observed in a substantial point and the deficiency cannot be remedied, or
2.
if the adoption of the reorganisation plan has been brought about by unfair competition, in particular by favouring a person concerned, or
3.
if the necessary majorities have not been reached and the conditions for the replacement of the consent in accordance with Article 19 (2) or (4) are not met.
(3) At the request of a creditor, the confirmation of the reorganization plan shall fail if the creditor
1.
contradicted in writing the reorganization plan at the latest in the voting date, and
2.
the reorganisation plan is expected to be worse than it would be without a reorganisation plan.
(4) The application referred to in paragraph 3 shall be admissible only if the creditor credibly states that the conditions set out in paragraph 3 are met and that the reorganisation adviser does not provide any security. If the reorganization adviser provides security, the creditor may only bring an action against the reorganization advisor outside the reorganization proceedings. (5) If the consent of the shareholders is to be made in accordance with § 19 (4) shall be replaced by an opportunity to give their opinion to the shareholders who have held their negative vote on the minutes of the Annual General Meeting. Unofficial table of contents

Section 21 General effects of the reorganisation plan; registration in the commercial register

(1) The judicial confirmation of the reorganization plan shall include the effects of the provisions laid down in the formative part, including the effects of the third sentence of Article 2 (2) for and against the planners. Insofar as rights to objects are to be justified, changed, transferred, repealed or measures of company law are to be carried out, in particular in accordance with § § 9 to 11, the declarations of intent of the Parties involved as submitted in the prescribed form. The same applies to the commitments entered into in the reorganization plan which are based on a measure under the second sentence. (2) If debts are converted by creditors into shares in the credit institution, the credit institution shall be able to: (3) The Oberlandesgericht (Oberlandesgericht) shall direct the competent authority of the credit institution to the credit institution responsible for the reorganisation plan. Register court shall immediately make a copy of the reorganization plan, or instructs the reorganisation adviser with the supply line. The Register Court shall initiate the registration procedure on its own account. The company law measures contained in the reorganization plan shall, if they are not manifestly void, be entered immediately in the commercial register. Unofficial table of contents

Section 22 Repeal of the reorganization procedure; supervision of the plan fulfilment

(1) With the confirmation of the reorganization plan or its failure, the Oberlandesgericht decides to repeal the reorganization procedure. (2) In the formative part of the reorganization plan, provision can be made for the reorganization advisor to monitoring the fulfilment of the reorganization plan even after the reorganisation procedure has been lifted. The Oberlandesgericht (Oberlandesgericht) decides to lift the surveillance,
1.
if the requirements for which compliance is monitored are met or if it is guaranteed that they are met,
2.
if three years have elapsed since the repeal of the reorganisation procedure and no application for a new reorganisation procedure has been submitted; or
3.
if the Federal Institute orders measures in accordance with § § 45c, 46 or 46b of the Banking Act or a settlement arrangement within the meaning of Section 77 of the Sanitization and Settlement Act is issued.
(3) The decisions referred to in paragraphs 1 and 2 shall be made known in the Federal Gazette and on the Internet site of the credit institution. Unofficial table of contents

Section 23 Protection of financial collateral arrangements and payment and securities systems

The provisions of the insolvency regime for the protection of payment and securities settlement systems, as well as of the collateral security of the central banks and of financial collateral arrangements, shall apply mutas to the provisions of the insolvency order.