(1) The declaratory part of the insolvency plan describes the measures taken or still to be taken after the opening of insolvency proceedings in order to create the basis for the envisaged establishment of rights held by the parties to the proceedings.
(2) The declaratory part must contain all the other information concerning the bases for and the effects of the plan which are relevant to the decision by the parties to the proceedings to approve the plan and for its approval by the court. In particular, it includes a comparative calculation which sets out the plan’s impact on the creditors’ expected satisfaction. If the plan provides for the enterprise to continue, then when determining that expected satisfaction without a plan it is generally to be assumed that the enterprise will continue. This does not apply where the sale of the enterprise or its continuation in another form lacks the prospect of success.
(3) If the insolvency plan provides for interference with the rights of insolvency creditors resulting from intra-group third-party guarantees (section 217 (2)), that presentation is also to include the situation of the affiliated enterprise providing the security and the plan’s impact on that enterprise.