Creditors’ Meeting in Restructuring Proceedings

Abstract

The article concerns Creditors’ meeting in Restructuring Proceedings. Creditors’ meeting in Restructuring Proceedings is collegiate creditors’ authority representing the interests of all members. The main competence granted to Creditors’ meeting is the vote by them on the arrangement. The Creditors’ meeting as authorities’ representing the interests of creditors should be convened in restructuring proceedings in any case when adoption of resolution regarding the interest of all creditors is required. The scope of their powers is regulated in Article 104 Restructuring Law. Due to the fact that the most important privilege granted to Creditors’ meeting is to vote on the arrangement, legislature established a system of separate regulations governing on both, convening the meetings and voting by the creditors’ meeting on the adoption or rejection of the agreement. An important novum introduced by the legislature based on the German Insolvency Law is the principle of voting on acceptance of the arrangement. For adoption by Creditors’ meeting, it is necessary that the system in each of the groups, which vote separately, obtains two majorities: most personal and most of the capital.