Deutsch > Englisch Rechts- und Patentwesen Recht: Verträge

Is there something better than 'utilisation/exploitation/realisation agreement'?

1. Debtor owns real property and creates mortage to secure finance
2. Becomes insolvent
3. Receiver or administrator is appointed
4. Other creditors also try and collect debt and try to enforce their mortgages and land charges, liens, whatever
5. Receiver or administrator invites them to conclude agreement with him and between each other so that receiver and administrator can sell real property and then
6. Receiver and administrator pays out proportional share to each creditor after deduction of his own costs

because under german law, the receiver/admin's power to dispose and enter into transaction etc terminates in relation to real property if a creditor who is secured by a mortgage commences to enforce their claim via the mortgage

basically with this agreement people overcome disputes Re who can get what out of the insolvency estate (if that's an existing term). creditors and receiver/admin can annoy each other a lot and fight for years, therefore agreement is needed and common