Law On The Reorganisation Of Credit Institutions

Original Language Title: Gesetz zur Reorganisation von Kreditinstituten

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Law for reorganization of credit institutions (credit institution reorganization law-KredReorgG)

unofficial table of contents

credReorgG

date of issue: 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) "

:Last modified by Art. 6 G v. 10.12.2014 I 2091

For details, see Notes

Footnote

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

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

content overview

section 1General provisions
§ 1Principles of reorganization and reorganization
2Sanation procedure
§ 2Introduction and application for the refurbishment process; the content of the remediation plan
§ 3 Order of the refurbishment procedure; order of the reorganisation advisor
§ 4Legal status of the reorganisation advisor; Ordinance empowerment
§ 5Judicial measures
§ 6 Reaction of the recovery plan; cancellation of the reorganization
3Reorganization
§ 7 Initiation, application for and ordering of the reorganization process
§ 8Reorganization plan content
§ 9Conversion of claims in equity
§ 10Other company law rules
§ 11Breakdown
§ 12 interventions in creditor rights
§ 13Termination of debt ratios
§ 14 Login to requirements
§ 15Claims verification and determination
§ 16Preparation of the vote on the reorganization plan
§ 17Voting the creditor
§ 18Shareholder voting
§ 19 Adoption of the reorganization plan
§ 20Confirmation of reorganization plan court
§ 21General effects of the reorganization plan; entry in the commercial register
§ 22 Repeal of the reorganization process; monitoring of plan performance
§ 23Protection of financial collateral and payment and Securities

Section 1
General provisions

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§ 1 Principles of reorganization and reorganization procedures

(1) Reorganisation procedures and reorganization procedures are used to stabilize the financial market by reorganization or reorganization of credit institutions in the sense of § 1 (1) of the German Banking Act (Kreditwesengesetz) with its registered office in Germany (credit institutions). The reorganisation procedure presupposeth a risk to the stability of the financial system.(2) The provisions of the Code of Civil Procedure shall apply in accordance with the provisions of both procedures, unless otherwise specified.(3) The judicial decisions taken in the proceedings shall be taken by decision and shall be indisputable. The Court of First Instance shall, on its own account, determine all the circumstances which are of importance to the proceedings.(4) Liability of the Bundesanstalt für Finanzdienstleistungsaufsicht (Bundesanstalt für Finanzdienstleistungsaufsicht) for acts under this law is excluded if the legal requirements for the admissibility of the act are not available, but the Bundesanstalt is not responsible for the legality of the act. shall be entitled to accept, in a continuous assessment, the circumstances which may be recognised 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 (4) of the Financial Services Supervisory Act remains unaffected.(5) The powers of the Federal Institute shall remain unaffected by other laws.

Section 2
Sanation Procedure

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§ 2 Introduction and application for the remediation process; contents of the remediation plan

(1) The credit institution directs the reorganisation procedure by displaying 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 advertisement, the Institute is also sufficient to fulfil 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 Bundesanstalt shall immediately submit an application 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 reorganisation advisor if it considers the restructuring adviser proposed by the credit institution to be unsuitable.(4) If the Bundesanstalt does not meet a different provision, the application shall be deemed to be withdrawn if a measure is ordered in accordance with § § 45c, 46 or 46b or a settlement order within the meaning of Section 77 of the Sanitization and Settlement Act . The Federal Institute is showing the Oberlandesgericht (Oberlandesgericht) the order in these cases.(5) The Bundesanstalt shall take the decisions on the measures referred to in paragraph 3 in consultation with the Bundesanstalt für Finanzmarktstabilisation (Bundesanstalt für Finanzmarktstabilisation), provided that a credit institution is affected, to which measures under the Financial Market Stabilisation Fund Act are granted . The Bundesanstalt is entitled to provide the Bundesanstalt für Finanzmarktstabilise (Bundesanstalt für Finanzmarktstabilisation) with the information required for the decision. Non-official table of contents

§ 3 Order of the refurbishment procedure; order of the reorganization adviser

(1) If the application is admissible and the Renovation plan is not clearly unsuitable, the Higher Regional Court orders 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 order referred to in paragraph 1 shall include the effects of the third sentence of Article 2 (2); in the case of legal acts under this provision, it shall be presumed that they shall not be carried out with the aim of enacting 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 were not met or the credit framework did not comply with the legal requirements.(3) A member of an institution or other member of the credit institution may also be appointed as a reorganisation advisor. If such a person is appointed as a reorganisation advisor, the Oberlandesgericht may, at the request of the Federal Institute, appoint another reorganisation adviser, without having to give an important reason.(4) The further proceedings before the Higher Regional Court shall, in so far as no deviations from the provisions of this Act arise, constitute the provisions of the Code of Civil Procedure in force before the Landgericht proceedings in the first legal proceedings before the Landgericht. Apply the exception of § § 348 to 350 accordingly. Non-official table of contents

§ 4 Legal status of the refurbishment adviser; Regulation empowerment

(1) The reorganisation advisor is entitled to:
1.
enter the business premises of the credit institution and investigate it there,
2.
To view books and business documents of the credit institution and request the submission of documents as well as all necessary information,
3.
to participate in all meetings and meetings of all institutions and other bodies of the credit institution in an advisory capacity,
4.
give instructions for the credit institution's management,
5.
stand-alone checks on the To establish claims for damages against organ members or former organ members of the credit institution, or to arrange for special exams and
6.
monitoring compliance with the requirements of the Financial Market Stabilisation Fund Act.
(2) The reorganisation advisor is under the supervision of the Oberlandesgericht. Both the Oberlandesgericht (Higher Regional Court) and the Federal Institute may at any time request individual information or a report on the state of play and on the management of the institution. 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 Oberlandesgericht heard them before his decision.(3) The reorganisation advisor shall be obliged to pay compensation to all interested parties if he culpably violates the obligations which he is subject to under this law.(4) The reorganisation adviser shall be entitled against the credit institution for remuneration and for the reimbursement of appropriate 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. Non-official table of contents

§ 5 Judicial measures

(1) The Oberlandesgericht (Oberlandesgericht) may, on a proposal from the Bundesanstalt, which is to be justified, further Take measures if this is necessary to restore the credit institution and if there is a risk that the credit institution will not be able to fulfil its obligations to the creditors. In particular,
1.
can prohibit the members of the management and the holders from performing their duties or limit them,
2.
arrange to include the reorganization advisor in the management,
3.
Withdrawal by the owner or Shareholders as well as the payout of profits will be subject to or limited to:
4.
the existing remuneration and bonus regulations of the management to their Review the incentive effect and its appropriateness and, if necessary, make an adjustment for the future, as well as pay bans on untrained services, and
5.
replace the approval of the supervisory body.
(2) The Oberlandesgericht may take a decision on further measures pursuant to paragraph 1 at the same time as the order pursuant to § 3 or later, and change from its own due to its effects 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 refurbishment process

(1) The reorganisation advisor sets the recovery plan . It may, in agreement with the Federal Institute and the Higher Regional Court, make amendments to the remediation plan; this does not apply to regulations pursuant to § 2 (2) sentence 3.(2) The Sanierungsberater (Sanierungsberater) regularly reports to the Oberlandesgericht (Oberlandesgericht) and the Federal Institute for the state of remediation. 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 Institute.(3) Before the reorganisation advisor indicates to the Oberlandesgericht (Oberlandesgericht) the termination of the reorganisation procedure, he must inform the Federal Institute of this. The Oberlandesgericht (Oberlandesgericht) decides to repeal the reorganisation procedure. If a reorganization procedure is to be initiated, it connects the cancellation of the reorganisation procedure with the decision on the application for the implementation of the reorganization procedure.

Section 3
Reorganization Proceedings

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§ 7 Initiation, application, and order of the reorganization process

(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 the 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 within the meaning of Section 77 of the Sanitation and Settlement Act exist.(3) The Oberlandesgericht dismises the reorganization plan and the application for the implementation of the reorganization procedure if the provisions on the content of the reorganization plan are not observed and the defect does not fall within a appropriate time limit set by the Higher Regional Court. Prior to refoulement, the Oberlandesgericht (Oberlandesgericht) shall give the credit institution and the Bundesanstalt an opportunity to comment.(4) If the application is not rejected in accordance with paragraph 3, the Oberlandesgericht shall decide, after hearing the Bundesanstalt, the Deutsche Bundesbank and the credit institution, whether the conditions laid down in paragraph 2 are fulfilled. This decision shall be linked to the decision on the application for the implementation of the reorganisation procedure.(5) Unless otherwise provided 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. Non-official table of contents

§ 8 Content of the reorganization plan

(1) The reorganization plan consists of a representative and a design Part. This section describes the rules to be adopted 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 a company law measures subject to a registration, 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 persons involved are taken into account. 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 decision of the general meeting is required or provided for in this law in accordance with the company law provisions.(3) The reorganisation plan may intervene in the rights of creditors and in the position of the shareholders in accordance with § § 9 to 12. Non-official table of contents

§ 9 Conversion of claims into equity

(1) In the design part of the reorganization plan, provision can be made for: that claims of 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, Article 39 (4), second sentence, and paragraph 5 of the insolvency order shall be applied accordingly.For a measure within the meaning of paragraph 1, the credit institution shall provide appropriate compensation to the previous shareholders. The appropriateness of the compensation shall be determined by one or more expert auditors. These are selected and ordered by the Oberlandesgericht at the request of the Reorganisation Advisor.(3) Legal acts which are related to a capital measure under paragraph 1 cannot be challenged under the provisions of the Insolvency Code and the Dispute Resolution Act at the expense of
1.
of the Financial Market Stabilization Fund,
2.
of the Federation and the Länder,
3.
the corporate bodies, institutions, and special assets established by the Financial Stability Fund and the Federation, as well as
4.
the people close to the Financial Stability Fund and the Federation, or other entities directly or indirectly dependent on them.
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§ 10 Other Company Law Regulations

In the design part of the reorganization plan, all of the following can be found after the Company law shall be subject to rules which are likely to promote the reorganisation 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. Non-official table of contents

§ 11 Breakdown

(1) The design part of the reorganization plan may specify that the credit institution be Assets wholly or in part shall be broken down and transferred to an existing or to be established legal entity against the granting of shares of this legal entity to 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 Sanitization and Resolution Act shall apply accordingly.(2) If the reorganization plan provides for a breakdown, it may only be confirmed by the Higher Regional Court if there is a notarial 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 section 21 (3), shall apply mutatily to the register court of the accepting legal entity.(3) If a restructuring plan is provided for in the reorganisation plan, the statutes of the new legal entity of the credit institution's statutes to be included in the reorganization plan shall be restructured. 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 mutas to the lead to the register court of the new legal entity.(4) For liabilities of the outsourcing credit institution, which have been justified before the breakdown of the credit institution, the debtor shall be liable as the full debtor of the issuing credit institution and the accepting entity, in the case of a breakdown by the credit institution. Re-establishment of the spin-off credit institution and the new legal entity. 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. Non-official table of contents

§ 12 interventions in creditor rights

(1) In the design part of the reorganization plan, you must specify which fraction of the fraction of the reorganization plan the claims of creditors for which period they have been stolen, how they are secured or what other regulations they are to be subjected to.(2) An 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 pension is excluded. Non-official table of contents

§ 13 Termination of debt obligations

Obligations with the credit institution may be made from the day of notification in accordance with § 7 Paragraph 1 shall not be terminated until the end of the following business day within the meaning of Article 1 (16b) of the Banking Act. 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). Non-official table of contents

§ 14 Registration of claims

(1) creditors, whose rights are subject to § 12, require the Reorganisation advisers shall notify their claims within a period of not less than three weeks ' notice. 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 accordingly with the proviso that the reorganisation advisor shall be replaced by the office of the office of the insolvency court.(2) The reorganisation adviser shall enter into a table each claim with the information referred to in paragraph 1 which has been notified in accordance with the provisions of paragraph 1. Unofficial table of contents

§ 15 Examination and determination of claims

(1) To determine the voting rights, the voting date shall be: the amount of the amounts receivted on the basis of their amount 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 reorganisation adviser, these are to be discussed individually.(2) If a claim which has not been legally binding has been disputed by the reorganisation advisor, the creditor may conduct the determination of the table against him in the civil law path. If, after the conclusion of this procedure, the creditor has found that the vote would have led to his recovery in the reorganisation plan, he shall be entitled to compensation against the credit institution. Non-official table of contents

§ 16 Preparation of the vote on the reorganization plan

The Oberlandesgericht (Higher Regional Court) orders the implementation of the Reorganization procedure, it shall submit the consensual contents of the reorganization plan at the office of access for the parties concerned and shall determine an appointment in which the reorganization plan and the voting rights of the creditors shall be shall be discussed and shall be put to the vote on the reorganisation 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. Non-official table of contents

§ 17 Voting of creditors

(1) Each group of creditors who are eligible to vote shall vote separately on the Reorganization plan. (2) The convocation to the appointment is made at the instigation of the reorganisation advisor by public announcement 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 exact conditions from which to participate in the voting and exercise of the voting right and
3.
the devoting content of the reorganization plan.
The public notice contains the exact location and time of the date, as well as a reference to the Website on which the information referred to in sentence 3 is available.(3) In addition to the convocation referred to in paragraph 2, all creditors in whose rights pursuant to § 12 are intervened shall be invited by the reorganization advisor at the date of the appointment. The summons shall indicate that the information referred to in the third sentence of paragraph 2 is available on the credit institution's website.(4) The load shall 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. Non-official table of contents

§ 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 the 21. Day before the Annual General Meeting. § 121 (3) to (7), § 123 (1), second sentence, (2) and (3) and § § 124 to 125 of the German Stock Corporation Act (Aktiengesetz) shall apply.(3) The decision on the adoption of the reorganisation 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, a majority decision requiring at least two-thirds of the votes cast or of the vote shall be taken by a majority 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. Divergent statutes are unrespectable.(4) Shareholders may declare a breach of the decision 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 or she has held his unfavourable vote for the minutes.(5) The decision of the Annual General Meeting shall be subject to the action of a challenge. 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), which is competent pursuant to § 2 (3) sentence 2. Non-official table of contents

§ 19 Adoption of the reorganization plan

(1) To accept the reorganization plan, all groups must have the reorganization plan . This requires that
1.
agrees with the Group of Shareholders in accordance with § 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 is more than half of the sum of the claims of the creditors.
The reorganization advisor shall inform the creditor of the decision 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 have been granted if
1.
the creditors of this group through the Reorganization plan is not likely to be made worse than it would be without a reorganization plan and
2.
the creditors of this group are adequately addressed to the economic value, which is to flow to all parties on the basis of the reorganization plan, and
3.
the majority of the voting groups A reorganization plan with the majorities required in each case.
(3) An appropriate participation within the meaning of paragraph 2, point 2, shall be before, if after the reorganization plan,
1.
no other creditor receives economic values that exceed the full amount of its 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 a person involved in it. an economic value, and
3.
no creditor who would be equal to the creditors of the group without a reorganization plan, better .
(4) If the consent of the shareholders has been refused, it shall be deemed to be granted if
1.
the majority of the voting Group has agreed to the reorganization plan with the majorities required and
2.
the measures provided for in the reorganization plan in accordance with § § 9 to 11 , to prevent significant negative effects on other financial sector companies as a result of the credit institution's risk of stock and instability of the financial system, and where such measures are appropriate and necessary, and (
)
reorganisation adviser shall inform the shareholders, if their consent is to be replaced in accordance with paragraph 4, of the the Internet site of the credit institution. Unofficial Table Of Contents

§ 20 Judicial Confirmation of the Reorganization Plan

(1) After the participants have accepted the reorganization plan. requires the reorganization plan of the 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 is to take place no later than one month after the adoption of the reorganization plan.(2) The confirmation shall be refused ex office,
1.
if the provisions on the content and the procedural treatment of the reorganization plan as well as on the Acceptance by the parties concerned in an essential point have not been observed and the defect cannot be remedied or
2.
if the adoption of the Reorganization of the Unfair, in particular by favouring a participant, has been brought about, or
3.
if the required majorities have not been reached and the conditions for the replacement of the consent pursuant to § 19 (2) or (4) shall not exist.
(3) At the request of a creditor, the confirmation of the reorganization plan shall fail if the creditor
1.
The reorganization plan has contradicted in writing at the latest in the voting date, and
2.
has been rejected by the The reorganisation plan is likely to be worse than it would be without a reorganization plan.
(4) The application under paragraph 3 shall be admissible only if the creditor makes it credible that the conditions set out in paragraph 3 are met and that: if the reorganization adviser does not provide any security. If the reorganisation adviser is providing security, the creditor may only bring an action against the reorganisation adviser outside the reorganisation proceedings for appropriate participation.(5) If the consent of the shareholders is to be replaced in accordance with Article 19 (4), the shareholders shall be given the opportunity to give their opinion, which shall have their negative vote on the minutes of the Annual General Meeting held. Non-official table of contents

§ 21 General effects of the reorganization plan; entry in the commercial register

(1) With the court confirmation The reorganization plan shall enter into effect the effects of the provisions laid down in the formative part, including the effects of § 2 (2) sentence 3 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 included in the reorganization plan shall apply. Parties involved as submitted in the prescribed form. The same shall apply to the commitments entered into in the reorganization plan, which are based on a measure taken in accordance with the second sentence.(2) If claims by creditors are converted into shares in the credit institution, the credit institution may not, after the court's confirmation, be entitled to an overvaluation of the converted claims in the reorganization plan against the previous Creditors claim.(3) The Oberlandesgericht (Oberlandesgericht) shall immediately initiate a copy of the reorganization plan to the register court responsible for the credit institution or instructs the reorganisation adviser to supply it 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

§ 22 Repeal of the reorganization process; monitoring of plan fulfillment

(1) Confirmation of the The Oberlandesgericht (Oberlandesgericht) decides to repeal the reorganization procedure or to disregard the reorganization.(2) In the formative part of the reorganization plan, provision can be made for the reorganization advisor to monitor the fulfillment of the reorganization plan even after the reorganization process has been lifted. The Higher Regional Court decides to lift the surveillance,
1.
if the claims, the fulfillment of which , or if it is guaranteed that they are met,
2.
if three years have elapsed since the reorganization procedure was repeal; and no application for the implementation of a new reorganization procedure is available or
3.
if the Federal Agency measures in accordance with § § 45c, 46 or 46b of the Banking Act
() The decisions referred to in paragraphs 1 and 2 shall be published in the Federal Gazette and on the Internet site of the credit institution. Non-official table of contents

§ 23 Protection of financial collateral and payment and securities systems

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

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