(1) The court appoints a provisional insolvency monitor to whom sections 274 and 275 apply (provisional debtor-in-possession management) if
1. the debtor’s debtor-in-possession management planning is complete and consistent, and
2. no circumstances are known which indicate that essential aspects of the debtor-in-possession management planning are based on incorrect facts.
If the debtor-in-possession management plan has remediable deficiencies, the court may temporarily order provisional debtor-in-possession management; in such cases it gives the debtor a period by the end of which remedial measures are to have been taken, such period being no longer than 20 days.
(2) If, according to the financial plan transmitted in accordance with section 270a (1) no. 1, the costs of the debtor-in-possession management and the continuation of ordinary business operations are not covered, if the assumed costs of the debtor-in-possession management presented on the basis of section 270a (1) no. 5 exceed the presumed costs of regular proceedings to a substantial degree or circumstances are known which indicate that
1. outstanding payments need to be made to employees or considerable outstanding payments need to be made to other creditors as referred to in section 270a (2) no. 1,
2. bans on enforcement or on realisation were ordered, under this Code or under the Company Stabilisation and Restructuring Act, in the debtor’s favour in the last three years prior to the filing of the request or
3. the debtor has breached disclosure requirements, in particular those under sections 325 to 328 or 339 of the Commercial Code, in one of the last three years prior to filing the request,
then the provisional insolvency monitor is appointed only if, despite these circumstances, the debtor is expected to be willing and able to align the management of the enterprise with the creditors’ interests.
(3) A provisional creditors’ committee is to be given the opportunity to comment before the decision is given in accordance with subsection (2). A decision may be given without any comment on the part of the creditors’ committee only if two working days have elapsed since the request was made or if it is manifestly the case that detrimental changes to the debtor’s asset situation are to be expected which can only be averted by appointing a provisional insolvency administrator. The court is bound by a unanimous decision by the provisional creditors’ committee to support the provisional debtor-in-possessor management. If the provisional creditors’ committee votes unanimously against provisional debtor-in-possession management, the order is not made.
(4) If the court appoints a provisional insolvency administrator, the reasons therefor are to be presented in writing. Section 27 (2) no. 4 applies accordingly.