IIL: European Principles

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Last updated: March 5, 2025

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Hint	Answer
Main document	Principles of European Insolvency Law
§1	Insolvency proceeding
§2	Institutions and participants
Main parties	Debtor
	Administrator
	Creditor(s)
§3	Effects of opening
What happens to known assets and those incurred after opening?	Transferred
§4	Management
Who collects all debtor's assets?	Administrator
§5	Obligations and fees of administrator
How are they paid?	From debtor's assets
§6	Treatment of contracts
What can administrator demand?	Performance
	Termination
§7	Position of employees
Do employees have certain preferential rankings in the proceeding?	Yes
§8	Reversal of juridical acts
What is a juridical act?	Act detrimental to creditors by debtor
§9	Security rights and set off
§10	Submission and admission of claims
§11	Reorganisation
How is the reorganisation plan decided?	Vote
§12	Liquidation
§13	Closure
§14	Debtor in possession

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