(1) Insolvency proceedings cover all the assets owned by the debtor on the date when the proceedings were opened and those acquired by the debtor during the proceedings (insolvency estate).
(2) If the debtor is self-employed or intends to become self-employed in the near future, the insolvency administrator is required to declare to the debtor whether the assets from such non-dependent employment are part of the insolvency estate and whether claims resulting from this business activity may be asserted in the insolvency proceedings. Section 295a applies accordingly. Upon request by the creditors’ committee or, if none has been appointed, the creditors’ assembly, the insolvency court declares such declaration legally invalid.
(3) Debtors are required to inform the administrator without delay that they have taken up or are continuing in self-employment. If debtors request the administrator to approve such self-employment, the administrator is required to respond to such request without delay, at the latest after one month.
(4) The insolvency administrator is to give notice to the court of such declaration. The court is to publish the declaration and the order concerning its legal invalidity.