Gläubigerversammlung Einberufung

Section 27 of the Insolvency Code (InsO) – Opening order
https://www.gesetze-im-internet.de/inso/__27.html
Section 29 InsO – Deadlines
https://www.gesetze-im-internet.de/inso/__29.html
Section 30 InsO – Announcement of the opening decision
https://www.gesetze-im-internet.de/inso/__30.html
Sections 74 et seq. InsO – Convening of the creditors’ meeting
https://www.gesetze-im-internet.de/inso/__74.html

The creditors' meeting is a central body in insolvency proceedings. Here, the creditors jointly decide on the further course of the proceedings. It is convened by the court or at the request of a certain majority of creditors.

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).

No

The creditors’ meeting is convened ex officio for:

• Reporting and audit date
• Discussion and voting date
• Deadline

A creditors’ meeting can be requested by

• the insolvency administrator
• the creditors' committee
• Separate satisfaction creditors and non-subordinated insolvency creditors who hold at least 40% of all separate satisfaction rights and principal claims.
• For five or more applicants, a share of 20% is sufficient.
• You are not making the request arbitrarily, but for an objectively justifiable reason.
• Your concerns are not outside the jurisdiction of the creditors’ meeting.

• You apply for a creditors’ meeting at the insolvency court.
• The insolvency court sets the date for the creditors' meeting. The time, place, and agenda of the creditors' meeting will be publicly announced.
• If no written procedure has been decided upon, the insolvency court usually sets the first two dates (reporting and examination date) when the insolvency proceedings are opened.
• The further course of the procedure depends on the specific circumstances of each individual case.

No

No

The District Court does not provide legal advice. Please contact a lawyer or notary of your choice for advice.
The Public Legal Information Service (ÖRA) offers affordable legal advice for people with low incomes.

The right of immediate appeal exists if the court

• rejects a requested creditors’ meeting – for applicants
• revokes a resolution of the creditors' meeting – for creditors entitled to vote
• does not grant the requested annulment of a creditors' resolution – for applicants (except insolvency administrators)

• Creditors have the right to actively participate in the insolvency proceedings through a creditors’ meeting.
• Decisions on further proceedings will be made there.
• The creditors’ meeting represents the interests of the creditors vis-à-vis the debtor and the insolvency administrator.
• The court may appoint a provisional creditors' committee even before the insolvency proceedings are opened. This is mandatory for debtor companies of a certain size.
• The creditors vote on the further course of the proceedings at the meeting.
• Dates:
  • Reporting date
  • Examination date
  • Discussion and voting date (in case of possible restructuring)
  • Deadline
• Insolvency administrators and creditors may 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
  • Decision on the insolvency plan
  • Decision on the realisation of the insolvency estate
  • Monitoring of the insolvency administrator
  • Appointment of a creditors' committee
  • Decision on liabilities of the estate

Hamburg District Court