(1) Corrections to the insolvency plan made by the insolvency administrator in accordance with section 221 sentence 2 requires approval by the insolvency court.
(2) Before the court gives its decision regarding approval of the plan it is, as a rule, to hear the insolvency administrator, the creditors’ committee, if one has been appointed, the creditors and the shareholders, insofar as their rights are affected, as well as the debtor.
(3) Approval is to be refused, upon request, if, due to changes to the plan resulting from the corrections, a party to the proceedings is likely to suffer a disadvantage relative to the position they would have had under the intended effects of the plan.
(4) The creditors and shareholders referred to in subsection (2) as well as the administrator may file an immediate appeal against the order approving or refusing to approve the correction. Section 253 (4) applies accordingly.