Meeting of creditors
In German insolvency proceedings, the creditors 'meeting is the will-forming body of the community of creditors, which exercises the rights of the creditors vis-à-vis the insolvency court , insolvency administrator and insolvency debtor, insofar as these are not exercised by an appointed creditors' committee . The creditors' meeting thus serves to safeguard the common interests of the creditors. The creditors' meeting is convened and chaired by the court and does not meet in public ( Section 74 of the Insolvency Code (InsO)). In the event of a vote, the majority of the votes must first be calculated according to the amounts claimed ( Section 77 InsO). In the event of a tie, the motion is not accepted. In the case of particularly far-reaching decisions, the Insolvency Code provides that in addition to the majority of the claims, the majority of the voting creditors must be present.
The main tasks and competencies of the creditors' meeting are:
- Decision on the progress of the procedure, in particular on the continuation or termination of a company ( Section 157 InsO),
- Choice of another insolvency administrator or trustee ( Section 57 InsO, also required head majority),
- Decision on the subsequent order or cancellation of self-administration ( §§ 271 , 272 InsO, each also required a head majority).
The creditors' meeting has a similar position in Austrian insolvency law .
In Swiss law, the creditors' meeting exists in bankruptcy and inheritance proceedings, among other things . In contrast to the powers in bankruptcy, the creditors' meeting generally has no decision-making authority in inheritance proceedings.
