Article 20. Election of Committee of Creditors

On insolvency (LRU-763-son) · Date: 12.04.2022 · In force

Members of the creditors' committee shall be elected by the meeting of creditors for the period of judicial rehabilitation, external management and liquidation proceedings. By decision of the meeting of creditors, the powers of all members of the creditors' committee may be terminated earlier. Such a decision may be adopted with respect to all members of the creditors' committee simultaneously.

Candidates who receive the largest number of votes shall be considered elected to the committee of creditors.

The members of the creditors' committee may elect the chairperson of the creditors' committee from among their members.

If there are more than five members in the creditors' committee, then the chairperson of the creditors' committee shall be elected without fail.

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Source of the text

National Database of Legislation of the Republic of Uzbekistan (lex.uz). Original on lex.uz: lex.uz/docs/6352957

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Cite as: Article 20. Election of Committee of Creditors On insolvency (LRU-763-son). neolex.uz/en/laws/law-5957616/20 (lex.uz/docs/6352957)