Examples of Insolvency Code in a sentence
In case insolvency proceedings are opened against the Issuer, Security Holders can only assert their claims pursuant to the German Insolvency Code (Insolvenzordnung).
According to Section 174 paragraph 3 of the German Insolvency Code, deeply subordinated insolvency claims must not be registered with the insolvency court unless the insolvency court handling the case has granted special permission allowing these deeply subordinated insolvency claims to be filed which is not the rule, but the exception.
The legal existence of the Purchased Lease Receivables assigned under the Receivables Purchase Agreement would generally survive the institution of insolvency proceedings against VWL pursuant to section 108 (1) sentence 2 of the German Insolvency Code (Insolvenzordnung) under the condition that (i) the Leased Vehicles were financed by a third party and (ii) the title to the Purchased Leased Vehicles were transferred to such third party as security for such financing.
In the foreground of this model is the exclusion of “unnec- essary” proceedings from the Insolvency Code.
The Draft further on implies an expansion of the list of reasons for re- jection from §290 of the Insolvency Code, and the rejection by virtue of the office when there are obvi- ous reasons for it.