Creditors' Meeting
Creditors' Meeting
Organize a creditors' meeting.
According to Articles 75-86 of the 2014 Bankruptcy Law:
Date of event:
- Within 20 days from the date the Receiver receives the list of creditors.
- It can be organized multiple times if necessary.
The convener and chairperson:
- The judge assigned to handle the bankruptcy case.
Participants:
- The creditors are listed.
- The legal representative of the business lacks the ability to pay.
- Receiver or business entity that manages and liquidates assets.
- A representative of the trade union or a worker (if the company does not have a trade union)
Sample application form for initiating bankruptcy proceedings
Rights and obligations of creditors
- Attend and vote at the Creditors' Meeting.
- Receive notifications and documents related to the Conference.
- Suggestions on how to restore business operations.
- Request for bankruptcy declaration of a business if it is deemed beyond recovery.
- Request for the establishment of a Creditors' Representative Committee.
- Confirm your debt with the Receiver.
- Comply with the rules of the Creditors' Meeting.
- Comply with the resolution of the Creditors' Meeting.
Minutes of the Creditors' Meeting
Contents of the Creditors' Meeting Minutes (Article 82 of the 2014 Bankruptcy Law):
- Date, month, year, and location of the conference.
- Conference participants
- Content and proceedings of the Conference
- The results of the vote on the issues discussed at the Conference.
- The contents that were approved at the Conference
- Signatures of the Presiding Judge of the Conference and the Minutes Recorder
- The minutes must be filed in the bankruptcy case file.
Through the operational recovery plan
The business recovery plan is approved when the following conditions are met simultaneously:
- The number of unsecured creditors representing at least 65% of the total unsecured debt voted in favor.
- The number of secured creditors representing at least 65% of the total secured debt voted in favor.
- Methods and terms of debt repayment
- Methods of fundraising (if any)
- Methods for reorganizing production and business
- Cease implementing the recovery plan (maximum of 3 years from the date of approval)
Creditor Meeting Support Services from MAN
MAN provides professional advisory services to both businesses and creditors throughout the entire bankruptcy process, including filing and attending Creditors' Meetings. We assist in drafting bankruptcy petitions to ensure full compliance with legal regulations, facilitating swift court processing.
Important notes to ensure your application is processed quickly:
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Date of application: determines the date of legal submission of the application.
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Name of the receiving court: clearly state the competent court based on the company's registered address or as stipulated by law.
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Applicant information: including full name, contact address, phone number, and tax identification number (if applicable).
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Information about the business being requested to go bankrupt: name, business registration number, and registered office address.
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Proof of insolvency: include contracts, debt records, financial statements, or other supporting documents.
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Supporting documents: complete so that the Court has a basis to examine and process the case quickly.
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Signature and seal (if a business): ensure the document is valid and legal.
With support from MAN, businesses and creditors will minimize legal risks, optimize time, and carry out bankruptcy procedures in accordance with the Bankruptcy Law 2014.
