(1) The opening of foreign insolvency proceedings is recognised. This does not apply
1. if the courts in the state in which proceedings were opened lack jurisdiction under German law;
2. where recognition leads to a result which is manifestly incompatible with major principles of German law, in particular where it is incompatible with basic rights.
(2) Subsection (1) applies accordingly to preservation measures taken after the request to open insolvency proceedings has been made, as well as to judgments handed down to implement or terminate recognised insolvency proceedings.