(1) Overindebtedness is also a reason to open insolvency proceedings for a legal entity.
(2) Overindebtedness exists if the debtor’s assets no longer cover existing obligations to pay, unless it is highly likely, considering the circumstances, that the enterprise will continue to exist for the next 12 months. As regards claims in respect of the restitution of shareholder loans or claims deriving from legal transactions corresponding in economic terms to such a loan for which the creditors and the debtor have agreed, in accordance with section 39 (2), that they rank lower behind the claims set out in section 39 (1), nos. 1 to 5 in the insolvency proceedings, consideration is not to be given to the obligations under sentence 1.
(3) If none of the general partners of a company without legal personality is a natural person, subsections (1) and (2) apply accordingly. This does not apply if the general partners include another company with a natural person as general partner.