Opening decision (§ 27 InsO)
Court decision opening the insolvency proceeding. Essential starting point of the administration and monetisation phase.
The opening decision under § 27 InsO is the central act in the insolvency proceeding: the court finds an insolvency ground and opens the case. It appoints an administrator (or a supervisor in Eigenverwaltung).
From opening, prior management loses disposal rights (except in Eigenverwaltung). Deadlines for creditor filing and report/examination meetings are set. The decision must be publicly announced via § 9 InsO.
For buyers, the opening decision is the signal that deals are possible: the administrator now has the legal power to monetise. Prior „SICHMASS” notices are early positioning but rarely deal-ready.
Related terms
- → § 9 InsO (insolvency announcements)— German statutory rule on public announcements in insolvency proceedings. Requires opening …
- → Security measure (§ 21 InsO)— Preliminary court measures between insolvency filing and opening decision. Protects the in…
- → Insolvency administrator— Court-appointed representative of the insolvency estate. Takes disposal rights, monetises …
- → Preliminary insolvency administration— A court-ordered security measure (§§ 21 f. InsO) between the insolvency petition and the o…
- → Zahlungsunfähigkeit — illiquidity (§ 17 InsO)— By far the most common statutory insolvency ground: the debtor can no longer meet due paym…
- → Überschuldung — over-indebtedness (§ 19 InsO)— Insolvency ground for legal entities: assets no longer cover liabilities AND continuation …