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ii.Privilège de New MoneyA creditor that has provided the insolvent company cash financing or new goods orservices pursuant to an approved agreement (accord homologué) during theinsolvency proceeding is granted a priority claim to be paid before all other creditors(except for salaries and Court expenses incurred during the proceeding) (“Privilègede New Money”).However, this privilege does not apply to the company’sshareholders who would have provided the company with cash through a sharecapital increase. 43 c. England and WalesIn English law, there is no equivalent ”insolvency within an insolvency.” When theoffice holder, acting as agent of the company, has capacity to incur new debts, suchdebts are payable as an expense of the insolvency. Those expenses take priorityover the office holder’s fees.10. Self-Administrationa. GermanyThe German Insolvency Statute allows a distressed company on the verge ofinsolvency to attempt to reorganize under self-administration. 44This proceeding iscomparable to Chapter 11 of the U.S. Bankruptcy Code in that the debtor’smanagement remains in control of the administration of the debtor’s assetsthroughout the insolvency proceedings.43 Code de commerce [C. com.] art. L. 611-11. The priority claim is available in a procédure desauvegarde, a redressement judiciaire or a liquidation judiciaire.44 Insolvenzordnung [InsO] [Insolvency Statute], Oct. 5, 1994 [Bundesgesetzblatt] (BGBl.] 2866, aslast amended by Art. 6 G of the Act of August 31, 2013 [BGBl.], 3533, § 270 ff.30