AUSTRIA Law and Practice Contributed by: Farid Sigari-Majd and Mathias Lehner, Freshfields
2.8.13 Costs, Fees and Taxes Concerning Export of Aircraft Fees charged by the ACG for obtaining an export certificate of airworthiness range from EUR301 to EUR9,631, depending on the weight of the aircraft. 2.8.14 Practical Issues Related to Deregistration of Aircraft Although the operator is responsible for the deregis - tration of the aircraft, both the operator and the lessor can apply to the ACG for a deregistration certificate. The ACG will only issue a deregistration certificate if the identification badge, livery colours and coat of arms of the Republic of Austria have been removed from the aircraft. 2.9 Insolvency Proceedings 2.9.1 Overview of Relevant Laws and Statutory Regimes Governing Restructurings, Reorganisations, Insolvencies and Liquidations The primary law governing insolvency proceedings in Austria is the Insolvency Code ( Insolvenzordnung ). It is supplemented by the Enforcement Code ( Exekution- sordnung ), the rules of civil procedure (JN, ZPO) and applicable company laws (GmbHG, AktG). Preventive restructuring is available under the Restruc - turing Code ( Restrukturierungsordnung ), which imple - ments Directive (EU) No 2019/1023, and the Reorgani - sation Act (URG), noting that the latter has no practical relevance. 2.9.2 Overview of Relevant Types of Voluntary and Involuntary Restructurings, Reorganisations, Insolvencies and Receivership Businesses which are either insolvent (ie, technically insolvent ( zahlungsunfähig )) or over-indebted and likely to become insolvent in the future ( überschul- det ) are required to file for insolvency without undue delay and, in any event, within 60 days. The Insol - vency Code offers two main routes for such com - panies: reorganisation proceedings (with or without self-administration) or liquidation. Reorganisation pro - ceedings require the preparation of a reorganisation plan which must offer a minimum quota of 20% (or 30%, in the case of self-administration) to creditors. It can be approved by a double majority (in number and
value) of affected creditors and must be sanctioned by the competent court. A business which is “likely” to become insolvent may apply for preventive restructuring under the Restruc - turing Order. This may include a stay of enforcement action. Restructuring plans may be approved by a majority of 50% of creditors holding 75% of claims in each class, provided that a cross-class cram-down is possible in certain circumstances. The restructur - ing plan must be sanctioned by the competent court. 2.9.3 Co-Ordination, Recognition or Relief in Connection With Overseas Proceedings Insolvency proceedings in other EU member states are recognised in Austria in accordance with and sub - ject to the limitations of Regulation (EU) No 848/2015 (the “InsReg”). In the case of parallel (primary and secondary) insolvency proceedings, the InsReg pro - vides for communication and co-operation between the administrators and competent courts. Proceedings in a non-member state may be recog - nised if the debtor’s centre of main interest is in the respective foreign country and the basic principles of the foreign proceedings are comparable to Austrian insolvency law. Austrian courts and administrators must provide competent foreign administrators with relevant information. Except for the above, the authors are not aware of any other formal rules in Austria regarding the co- operation or exchange of information in international insolvency proceedings. 2.9.4 Effect of Lessee’s Insolvency on a Deregistration Power of Attorney Any power of attorney granted by an Austrian debtor would lapse upon the commencement of insolvency proceedings over its assets. This would also apply to any deregistration power of attorney granted by an Austrian operator ( Halter ). Irrevocable deregistration and export request authori - sations (IDERAs) are not recognised as such under Austrian law because Austria has not ratified the Cape Town Convention.
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