(1) If, after the insolvency proceedings have been opened, it is found that the insolvency estate is insufficient to cover the costs of the proceedings, the insolvency court discontinues such proceedings. Discontinuation is not ordered if sufficient funds are advanced or if the costs are deferred in accordance with section 4a; section 26 (3) applies accordingly.
(2) The creditors’ assembly, the insolvency administrator and the preferential creditors are to be heard prior to discontinuation.
(3) Any cash funds available in the insolvency estate are to be used by the administrator prior to discontinuation of the proceedings to settle the costs of the proceedings, and among such costs firstly expenses in proportion to their amounts. The administrator is no longer obliged to realise the insolvency estate.