Sachwalter (supervisor)

The Sachwalter (§§ 274 et seq. InsO) is the supervisory figure in Eigenverwaltung. Appointed by the court when the debtor runs the business in Eigenverwaltung, he oversees management. Important: he is not the estate administrator, but a supervisor.

His consent is required for certain acts (mass loans, unusual transactions, sale of material assets). He reports to the court and the creditors' assembly.

For buyers, the Sachwalter is the sign-off authority at deal closing. The deal isn't negotiated with him (management does that), but nothing signs without his approval. He must be convinced the deal benefits creditors.