Article 88. Convening First Meeting of Creditors

The temporary manager determines the date of the first meeting of creditors and notifies all identified creditors, the representative of the debtor's employees, as well as other persons (bodies) entitled to participate in the first meeting of creditors. Notification of the holding of the first meeting of creditors shall be carried out by the temporary manager in the manner prescribed by Article 14 of this Law. The first meeting of creditors must be held no later than five days before the date of the court session specified in the court ruling on accepting for proceedings an application for initiating insolvency proceedings against the debtor.

Participants in the first meeting of creditors with the right to vote are creditors whose claims have been filed in accordance with the procedure provided for by paragraph one of Article 87 of this Law and have been entered in the register of creditors' claims.

In the first meeting of creditors, a representative of the founders (participants) or the owner of the debtor's property, a representative of the debtor's employees may participate without the right to vote. The absence of these persons is not grounds for declaring the meeting of creditors invalid.