Appointment of the receiver on the opening of insolvency proceedings

(1) Where insolvency proceedings are opened over the assets of an undertaking that is not an entity named in section 2(1), point 1, 2, or 3a, and that maintains a refinancing register otherwise than solely for third parties, the insolvency court appoints, on the Federal Institute's application, one or two natural persons proposed by the Federal Institute as receiver of the refinancing register (receiver). Where insolvency proceedings are opened over the assets of a refinancing undertaking that is a credit institution and for which a refinancing register is maintained by a third party, the first sentence applies correspondingly, with the proviso that the receiver is to be appointed, on the Federal Institute's application, at the refinancing undertaking. The court may depart from the Federal Institute's proposal where this appears necessary to ensure appropriate cooperation between the insolvency administrator and the receiver. The receiver receives a certificate of appointment, which the receiver must return to the insolvency court on the ending of the receiver's office.
(2) The Federal Institute makes an application under subsection (1), first sentence, including in conjunction with subsection (1), second sentence, where this appears necessary for the proper administration of the items entered in the refinancing register. Where the undertaking maintaining the register is a Pfandbrief bank that maintains the refinancing register otherwise than solely for third parties, the Federal Institute should propose, as receiver of the refinancing register, one of the persons named to the insolvency court under section 31(2), first sentence, of the Pfandbrief Act; otherwise it should propose the administrator of the refinancing register, or, where the administrator is unavailable or permanently prevented from acting, the administrator's deputy or another suitable natural person. The receiver of the refinancing register must be removed on the Federal Institute's application where good cause exists. On a unified application, which may be made at any time, of all the transferees entitled to transfer of not yet unwound refinancing transactions, the receiver must be replaced, or the receivership proceedings must be terminated.
(3) Where the appointment of a second receiver of the refinancing register appears necessary for the proper administration of the items entered in the refinancing register, the Federal Institute may, after hearing the transferees entitled to transfer, make a further application under subsection (1), first sentence, including in conjunction with subsection (1), second sentence. Where the Federal Institute makes this application, it should propose, for a Pfandbrief bank that maintains the refinancing register otherwise than solely for third parties, the administrator; otherwise one of the deputies of the administrator of the refinancing register, or, where none is available, another suitable natural person.
(4) On the appointment of a person other than the administrator as receiver, the administrator's office lapses. The office is continued by the receiver of the refinancing register appointed at the undertaking maintaining the register. The first and second sentences apply correspondingly to the administrator's deputies.