Gläubigerversammlung

A Gläubigerversammlung, or creditors' meeting, is a formal gathering of creditors of a company or individual who are owed money. This meeting is typically held when a company or individual is in financial distress and cannot meet their obligations. The primary purpose of a Gläubigerversammlung is to determine the distribution of assets and to decide on the liquidation of the debtor's estate.

The meeting is usually convened by the court, which appoints a trustee to oversee the process. Creditors are notified of the meeting and are given the opportunity to attend and present their claims. The meeting is conducted in a structured manner, with each creditor having the chance to present their case and to be heard by the other creditors and the trustee.

During the meeting, the creditors vote on the distribution of assets. This is done according to the principle of "first come, first served," meaning that creditors who present their claims first have priority over those who present their claims later. The meeting also determines the order in which creditors will be paid, starting with those who have the most senior claims.

The Gläubigerversammlung is an important tool in the legal system for resolving financial disputes and ensuring that creditors are fairly compensated for their losses. It provides a structured and transparent process for the distribution of assets and the liquidation of a debtor's estate.