1E9Ct5D

In its order opening the insolvency proceeding, the Court will appoint officers to takeover all or part of the management responsibilities of the company and to administerthe proceedings (as described in Paragraph III. A. 5. b., infra).c. England and WalesAs with France, there is no English equivalent of preliminary proceedings. However,it should be noted that both administrations and (failed) voluntary arrangements cantransition into a liquidation.4. Appointment of officers in the Insolvency proceedingsa. GermanyThe Insolvency Court usually appoints a final insolvency administrator when the finalinsolvency proceeding is initiated. 18The Court will dismiss the preliminaryadministrator, unless the same person is appointed as the final administrator. Theformer management of the company is stripped of power. The insolvencyadministrator takes control of the debtor’s assets and business.Until the first creditors’ meeting is held, 19 the administrator may choose to continueto operate the business. With the Court’s approval, the administrator may choose toshut down all or part of the company’s business.At the first creditors’ meeting, the administrator will report on the state of theinsolvent company. Based on this report, the creditors will decide whether thecompany should be liquidated or provisionally continued and restructured. If an18 Or, in case of self administration, a final trustee.19 The first creditors’ meeting is to be held no more than three months after the final proceedings areopened.13