If insolvency proceedings are opened, the insolvency court shall appoint an insolvency administrator. The insolvency administrator shall be a natural person who is suitable for the individual case in question, in particular one who has business knowledge and is independent of the creditors and the debtor. The insolvency administrator shall be appointed by the insolvency court from among all persons willing to act as insolvency administrators. The administrator shall receive a certificate of appointment. Upon termination of his office, he shall return the certificate to the insolvency court.

At the first creditors' meeting following the appointment of the insolvency administrator, the creditors may elect another person in his place.

The insolvency administrator is under the supervision of the insolvency court. The court may at any time request from him individual information or a report on the state of affairs and the management of the business. The insolvency court may dismiss the insolvency administrator from office for good cause.