Corporate law. First meeting of creditors (the most important)

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Corporate law. First meeting of creditors (the most important)

Lecture notes, cheat sheets

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30. First meeting of creditors

The temporary administrator determines the date of the first meeting of creditors and notifies all persons entitled to participate in the first meeting of creditors about it. Participants of the first meeting of creditors with the right to vote are bankruptcy creditors and authorized bodies whose claims have been entered into the register of creditors' claims.

The head of the debtor, a representative of the founders (participants) of the debtor and a representative of the debtor's employees shall take part in the first meeting of creditors without the right to vote.

The competence of the first meeting of creditors includes:

1) making a decision on the introduction of financial rehabilitation and on applying to an arbitration court with an appropriate petition;

2) making a decision on the introduction of external administration and on filing an appropriate petition with the arbitration court;

3) making a decision to apply to the arbitration court with a petition to declare the debtor bankrupt and to open bankruptcy proceedings;

4) formation of a committee of creditors, determination of the quantitative composition and powers of the committee of creditors, election of members of the committee of creditors;

5) determination of requirements for candidates of an administrative manager, an external manager, a bankruptcy trustee;

6) determination of a self-regulatory organization that must submit candidates for arbitration managers to the arbitration court;

7) selection of a registrar from among registrars accredited by a self-regulatory organization;

8) resolution of other issues provided for by the Bankruptcy Law. The decision of the first meeting of creditors on the introduction of financial rehabilitation must contain the proposed period of financial rehabilitation, the approved financial rehabilitation plan and the debt repayment schedule, and may also contain requirements for the candidate of an administrative manager.

The decision of the first meeting of creditors on the introduction of external management must contain the proposed term of external management, and may also contain requirements for the candidacy of the external manager.

The decision of the first meeting of creditors to apply to the arbitration court with a petition to declare the debtor bankrupt and to open bankruptcy proceedings may also contain a proposed term for bankruptcy proceedings and requirements for the candidacy of the bankruptcy trustee.

The arbitration court, on the basis of the decision of the first meeting of creditors, issues a ruling on the introduction of financial rehabilitation or external administration, or decides to declare the debtor bankrupt and open bankruptcy proceedings, or approves an amicable agreement and terminates bankruptcy proceedings.

If the first meeting of creditors fails to make a decision on the application of one of the bankruptcy procedures, the arbitration court shall postpone the consideration of the case and oblige the creditors to make an appropriate decision by the deadline set by the arbitration court.

Author: Sazykin A.V.

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