Article 12. Creditors and Meeting of Creditors

When applying insolvency procedures, the interests of all creditors shall be protected by a meeting of creditors or a committee of creditors. From the date of acceptance by the court of an application for initiation of insolvency proceedings against the debtor, creditors shall not be entitled to apply to the debtor in order to satisfy their claims individually.

All actions performed in relation to the debtor shall be carried out by a meeting of creditors or a committee of creditors on behalf of the creditors.

A representative of the debtor's employees, a judicial manager, a representative of the founders (participants) of the debtors or the owner of the debtor's property shall participate in the meeting of creditors or the committee of creditors without voting rights.

In cases where a single creditor is involved in the insolvency case, the adoption of decisions related to the exclusive competence of the meeting of creditors shall be carried out by those creditor.

The exclusive competence of the meeting of creditors shall include the adoption of:

decisions to conclude a settlement agreement;

decisions on the election of members of the creditors' committee, determination of its quantitative composition and early termination of their powers;

decisions to apply to the court with a petition for the introduction of a judicial rehabilitation or external management procedure, the extension of their term or early termination;

decision to apply to the court for declaring the debtor bankrupt and initiating liquidation proceedings or declaring the debtor bankrupt and initiating liquidation proceedings without suspending its activities;

decisions on approval of the plan of judicial rehabilitation and approval of the debt repayment schedule;

decision to approve the external management plan.

The rules provided for by part five of this Article shall not apply when considering cases of insolvency of natural persons.

Decisions provided for in paragraphs four and five of part five of this Article, referred to the exclusive powers of the meeting of creditors, may be adopted on the basis of the opinion of a temporary manager on the financial condition of the debtor, provided for in part three of article 86 of this Law.

If the meeting of creditors adopts a decision to declare the debtor bankrupt and start liquidation proceedings, the court, with taking into account the opinion of the temporary manager on the possibility of restoring the debtor's activities, shall have the right to introduce in relation to the debtor one of the procedures for restoring its solvency.