(1) The share and membership rights of those with a participating interest in the debtor remain unaffected by the insolvency plan, unless otherwise provided in the plan.
(2) The constructive part of the plan may provide that the creditors’ claims may be converted into share or membership rights in the debtor. Such conversion is ruled out if it is against the will of the creditors concerned. In particular, the plan may provide for a decrease or increase in capital, the provision of contributions in kind, the ruling out of subscription rights, or the payment of compensation to outgoing shareholders.
(3) The plan may set out any rule permissible under company law, in particular regarding the continuation of a dissolved enterprise or the transfer of share and membership rights.
(4) Measures under subsection (2) or (3) do not authorise the holder to rescind or terminate contracts to which the debtor is party. Nor do they lead to the contracts being otherwise rescinded. Any contrary contractual agreements are invalid. Agreements reached on the basis of the debtor’s breach of duty remain unaffected by sentences 1 and 2, insofar as they do not consist solely in a measure referred to in subsection (2) and (3) being contemplated or carried out.
(5) Where a measure under subsection (2) or (3) represents an important reason for a person with a participating interest in the debtor leaving the legal entity or company without legal personality and if use is made of this right of withdrawal, the financial status which would have arisen if the debtor had been wound up are decisive when it comes to determining the amount of any possible compensation. Payment of the compensation may be deferred over a period of no more than three years to avoid placing an inappropriate burden on the debtor’s financial situation. Interest is to be added to any unpaid compensation.