Obligation to file for insolvency; liability of the recipient legal entity

(1) Where the resolution tools referred to in section 107(1), point 1, are applied, the resolution authority, where grounds for insolvency exist, files, without delay, an application for the opening of insolvency proceedings over the remaining assets of the transferring legal entity. Section 46b(1), fourth sentence, of the Banking Act applies correspondingly, on the understanding that the resolution authority takes the place of the Federal Financial Supervisory Authority. Where, in the case under the first sentence, no grounds for insolvency exist, the resolution authority arranges for the liquidation of the transferring legal entity.
(2) In all cases under section 107, objects of transfer do not form part of the insolvency estate in insolvency proceedings over the assets of the transferring legal entity. The recipient legal entity is not liable for liabilities of the transferring legal entity not covered by the transfer.