[eu]cite

Home› Insolvency Law› InsO (EN)

Part 6 · Insolvency plan  ›  Division 2 · Acceptance and approval of plan › Section 244

Necessary majorities

(1) Acceptance of the insolvency plan by the creditors requires that, in each group,

1.  the majority of creditors with voting rights backs the plan, and

2.  the sum of claims held by creditors backing the plan exceeds half of the sum of claims held by the creditors with voting rights.

(2) Creditors who hold a right jointly or whose rights constituted a uniform right until the reason to open insolvency proceedings came into effect are counted as one creditor in the vote. The same applies if a right is the object of a pledge or usufruct.

(3) Subsection (1) no. 2 applies accordingly to those with a participating interest in the debtor, with the proviso that the sum of the participating interests stands in lieu of the sum of claims.

←→ also move between sections