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Part 6 · Insolvency plan  ›  Division 1 · Establishment of plan › Section 217

Principle

(1) In derogation from the provisions of this Code, the satisfaction of creditors entitled to separate satisfaction and of the insolvency creditors, realisation of the insolvency estate and its distribution to the parties to the proceedings, as well as the insolvency procedure and the debtor’s liability subsequent to termination of the insolvency proceedings may be regulated in an insolvency plan. If the debtor is not natural person, the share and membership rights of those with a participating interest in the debtor may be included in the plan.

(2) The insolvency plan may, further, define the rights of the holders of insolvency claims to which these are entitled on account of an obligation assumed by an affiliated company within the meaning of section 15 of the Stock Corporation Act as guarantor, co-obligor, or on account of an obligation assumed in another manner, or in objects belonging to that enterprise’s assets (intra-group third-party guarantee).

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