Gläubigerausschuss

A Gläubigerausschuss, or creditors' committee, is a body formed in German insolvency proceedings. Its primary role is to represent the interests of the creditors in overseeing the insolvency administrator and the proceedings. The committee is composed of elected representatives of different creditor groups, ensuring a diverse range of interests are considered. Membership typically includes creditors with significant claims, as well as representatives of employees if applicable.

The Gläubigerausschuss has several key responsibilities. It approves or rejects the insolvency administrator's plans for the administration and liquidation of the debtor's assets. It also monitors the administrator's activities and can request reports on the progress of the proceedings. The committee plays a crucial role in decisions regarding the continuation or termination of the debtor's business. In certain situations, it can also authorize the administrator to enter into significant transactions.

The establishment and composition of the Gläubigerausschuss are regulated by the German Insolvency Code (Insolvenzordnung). Its formation is not mandatory in all cases and depends on factors such as the size and complexity of the insolvency estate. The committee's work is intended to promote transparency and efficiency in insolvency proceedings, safeguarding the rights of creditors and contributing to a fair distribution of available assets.