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Holding the First Meeting of Creditors
Article 669
- (1)
- The first meeting of creditors shall be convened on the date scheduled by the court with the ruling to institute bankruptcy proceedings and shall be chaired by a judge nominated by the chairman of the district court.
- (2)
- The first meeting of the creditors shall be attended by the creditors included in the list under Art. 668, It. 1 and in the abstracts from the commercial books of the debtor which the temporary receiver shall present at the first meeting.
Decision-Making at the First Meeting of Creditors
Article 670
- (1)
- The first meeting of creditors will be legitimate when it is attended by at least two creditors from the list under Art. 668, It. 1 unless there is only one creditor in the list. The participation of the creditors shall be personal or by representative with a explicit written proxy. When the creditor is a natural person the proxy shall be with notary certified specimen.
- (2)
- The decisions of the first meeting of creditors shall be passed by a simple majority vote of the size of the takings under Art. 668, It. 1 of creditors present.
Participation of the Provisional Receiver and the Debtor
Article 671
The participation of the provisional receiver at the first meeting of creditors is mandatory, whereas the debtor may attend it if he deems it necessary.
Powers of the First Meeting of Creditors
Article 672
- (1)
-
The first meeting of creditors shall:
- 1.
- listen to the report of the provisional receiver under Art. 668, item 2;
- 2.
- nominate a permanent receiver and submit the nomination to the court for approval;
- 3.
- elect a creditors' committee.
- (2)
- At the meeting, the creditors may nominate and rank by choice several persons for receivers amongst who the court shall appoint the receiver in bankruptcy if the elected receiver does not take his duties in a define period, or is released until the holding of the meeting under Art. 673 or when he does not comply with some of the conditions under Art. 655, Par. 2.
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