Detailed description
As a creditor, you can actively participate in the insolvency proceedings. For this purpose, creditors' meetings are convened during the insolvency proceedings. Decisions regarding the further proceedings are made there. The creditors' meeting represents the interests of the creditors vis-à-vis the debtor and the insolvency administrator. The court can appoint a provisional creditors' committee even before the insolvency proceedings are opened. If the debtor company exceeds a certain size, this is even mandatory. The creditors vote on the further course of the proceedings at the meeting.
The most important dates on which the creditors’ meeting discusses and decides are
- Reporting date
- Examination date
- Discussion and voting date (in case of possible restructuring)
- Deadline
In addition, you as a creditor or the insolvency administrator can request further meetings if certain conditions are met.
The following may participate in the creditors’ meeting:
- insolvency creditors
- creditors entitled to separate satisfaction (representatives with written power of attorney)
- insolvency administrator
Without voting rights, the following may attend the meeting:
- subordinated creditors
- the debtor
- Third parties (upon application with permission from the court)
The tasks of the creditors’ meeting are:
- Election or removal of the insolvency administrator:
- The creditors can decide whether the administrator appointed by the court remains in office or is replaced.
- Decision on the insolvency plan: If an insolvency plan exists (for example in the case of restructuring), the creditors must vote on it.
- Decision on the realisation of the insolvency estate,
- for example, whether the company is sold, closed down or continued.
- Monitoring of the insolvency administrator: Creditors can request reports.
- Appointment of a creditors' committee: The meeting may appoint a smaller committee for ongoing monitoring and participation.
- Decision on liabilities of the estate, i.e. liabilities that arise during the insolvency proceedings (for example through the continuation of the business).