(1) Insolvency proceedings may be opened for the assets of any natural person or legal entity. An unincorporated association is, in this respect, deemed equivalent to a legal entity.
(2) Insolvency proceedings may also be opened for the following:
1. the assets of a company without legal personality (general partnership (offene Handelsgesellschaft), partly limited partnership (Kommanditgesellschaft), professional partnership (Partnerschaftsgesellschaft), company under the Civil Code (Gesellschaft des Bürgerlichen Rechts), shipping company, European Economic Interest Grouping (EIG));
2. under sections 315 to 334, the estate of a deceased person, the joint marital property of a continued community of property or the marital property of a community jointly administered by both spouses or life partners.
(3) After liquidation of a legal entity or a company without legal personality, insolvency proceedings may be opened as long as the assets have not been distributed.