(1) If the claims held by insolvency creditors were deferred or partly waived on the basis of the constructive part of the insolvency plan, such deferral or waiver is no longer binding on a creditor on whose claims the debtor defaults to a considerable extent in performance of the plan. Such default to a considerable extent is to be assumed only if the debtor has not paid a mature debt although reminded by the creditor in writing with a grace period of at least two weeks.
(2) If new insolvency proceedings are opened for the debtor’s assets before the plan has been fully performed, a deferral or waiver is be no longer binding on any of the insolvency creditors.
(3) The plan may provide otherwise. However, the plan may not derogate from subsection (1) to the detriment of the debtor.