Article 19. Committee of Creditors

The Committee of Creditors shall represent the interests of creditors and exercise control over the actions (inaction) of judicial managers.

The committee of creditors shall include representatives of creditors in the number determined by the meeting of creditors.

If the number of creditors is less than twenty, the decision of the meeting of creditors may provide for the assignment of the functions of the committee of creditors to the meeting of creditors.

In order to carry out the functions assigned to it, the creditors' committee shall have the right to:

require the judicial manager to provide information about the financial condition of the debtor and the course of the insolvency procedure;

appeal to the court the actions (inaction) of the judicial manager;

elect a representative to participate in the insolvency case;

carry out other actions provided for by this Law and the plan of judicial rehabilitation or external management.

The Committee of Creditors shall have the right to adopt decisions:

on convening a meeting of creditors;

on recommending to the meeting of creditors to apply to the court for the appointment, replacement and dismissal of a judicial manager;

on approval or refusal to approve major transactions of the debtor and transactions of the debtor in which there is an interest.

When resolving issues at a meeting of the creditors' committee, each member of the creditors' committee shall have one vote. The transfer of voting rights by a member of the creditors' committee to another person shall not be allowed.

Decisions of the creditors' committee shall be adopted by a majority vote of the total number of members of the creditors' committee.

A representative of the debtor's employees, a judicial manager, a representative of the founders (participants) or the owner of the debtor's property may take part in meetings of the creditors' committee without the right to vote.