(1) If the debtor, after insolvency proceedings have been opened, transfers an object forming part of the insolvency estate, such transfer is invalid. Sections 892 and 893 of the Civil Code, sections 16 and 17 of the Act Governing Rights in Registered Ships and Ships under Construction (Gesetz über Rechte an eingetragenen Schiffen und Schiffsbauwerken) and sections 16 and 17 of the Act Governing Rights in Aircraft (Gesetz über Rechte an Luftfahrzeugen) remain unaffected. The consideration is to be restituted to the other party to the transfer from the insolvency estate if such assets received enrichment by it.
(2) With respect to an assignment of future claims to emoluments due to the debtor under an employment relationship or to recurring emoluments replacing them, subsection (1) also applies to the extent to which such assignment covers any emoluments to be received by the debtor subsequent to termination of the insolvency proceedings. The debtor’s right to assign such emoluments to a trustee for the purpose of collective satisfaction of the insolvency creditors remains unaffected.
(3) If the debtor transferred an object forming part of the insolvency estate on the day on which the insolvency proceedings were opened, such transfer is presumed to have been effected after the opening of the insolvency proceedings. Any transfer by the debtor in respect of financial securities within the meaning of section 1 (17) of the Banking Act following the opening of insolvency proceedings is, notwithstanding sections 129 to 147, valid if it occurred on the day of the opening and the other party provides proof of neither being aware of nor having had to be aware that proceedings had been opened.