(1) Provisional debtor-in-possession management is terminated by the appointment of a provisional insolvency administrator if
1. the debtor commits a serious breach of obligations under insolvency law or shows in another manner the unwillingness or inability to manage the business in the creditors’ interests, in particular where it is clear that
a) the debtor based essential aspects of the debtor-in-possession management planning on incorrect facts or is not meeting the obligations under section 270c (2),
b) the financial reporting and accounting are so incomplete or inadequate that they do not permit any assessment to be made in respect of the debtor-in-possession management planning, in particular the financial planning,
c) the debtor has obligations against current or former members of its bodies which could be more difficult to enforce in the course of debtor-in-possession management,
2. deficiencies in the debtor-in-possession management planning are not remedied within the period set under section 270b (1) sentence 2,
3. the achievement of the objective set for the debtor-in-possession management, in particular any planned restructuring, proves to lack the prospect of success,
4. the provisional insolvency monitor applies therefor with the consent of the provisional creditors’ committee, or the provisional creditors’ committee applies therefor,
5. the debtor applies therefor.
(2) Provisional debtor-in-possession management is also terminated by the appointment of a provisional insolvency administrator if a creditor or insolvency creditor entitled to separate satisfaction applies for such termination and shows to the satisfaction of the court that the conditions for the ordering of provisional debtor-in-possession management are not met and the debtor-in-possession management risks placing them at a significant disadvantage. Before giving a decision on the request, the debtor is to be heard. An immediate appeal against the decision is available to the creditor and the debtor.
(3) The previous provisional insolvency monitor may be appointed as provisional insolvency administrator.
(4) The provisional creditors’ committee is to be given the opportunity to comment before a decision is given in respect of subsection (1) no. 1 or no. 3. Section 270b (3) sentence 2 applies accordingly. If the court appoints a provisional insolvency administrator, the reasons therefor are to be presented in writing. Section 27 (2) no. 4 applies accordingly.