Article 9 — Adoption of restructuring plans
- Member States shall ensure that, irrespective of who applies for a preventive restructuring procedure in accordance with Article 4, debtors have the right to submit restructuring plans for adoption by the affected parties.
- Member States shall ensure that affected parties have a right to vote on the adoption of a restructuring plan.
Parties that are not affected by a restructuring plan shall not have voting rights in the adoption of that plan.
- Notwithstanding paragraph 2, Member States may exclude from the right to vote the following:
- equity holders;
- creditors whose claims rank below the claims of ordinary unsecured creditors in the normal ranking of liquidation priorities; or
- any related party of the debtor or the debtor's business, with a conflict of interest under national law.
- Member States shall ensure that affected parties are treated in separate classes which reflect sufficient commonality of interest based on verifiable criteria, in accordance with national law. As a minimum, creditors of secured and unsecured claims shall be treated in separate classes for the purposes of adopting a restructuring plan.
Member States may also provide that workers' claims are treated in a separate class of their own.
Member States shall put in place appropriate measures to ensure that class formation is done with a particular view to protecting vulnerable creditors such as small suppliers.
- Voting rights and the formation of classes shall be examined by a judicial or administrative authority when a request for confirmation of the restructuring plan is submitted.
Member States may require a judicial or administrative authority to examine and confirm the voting rights and formation of classes at an earlier stage than that referred to in the first subparagraph.
- A restructuring plan shall be adopted by affected parties, provided that a majority in the amount of their claims or interests is obtained in each class. Member States may, in addition, require that a majority in the number of affected parties is obtained in each class.
Member States shall lay down the majorities required for the adoption of a restructuring plan. Those majorities shall not be higher than 75 % of the amount of claims or interests in each class or, where applicable, of the number of affected parties in each class.
- Notwithstanding paragraphs 2 to 6, Member States may provide that a formal vote on the adoption of a restructuring plan can be replaced by an agreement with the requisite majority.