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The insolvency plan is the instrument, with the aid of which the company can come to agreements with its creditors and can avert liquidation of the company. It offers those involved a legal framework for mutually handling the problems encountered deviating from theInsolvency Act (Insolvenzordnung - InsO).
The insolvency plan can be submitted by the insolvency administrator or the debtor (section 218 Insolvency Act) and must show the measures agreed so far (section 220 Insolvency Act) and show how the existing legal position of the parties concerned is to be regulated (section 221 Insolvency Act).
