BANKRUPTCY, INSOLVENCY & REHABILITATION PROCEEDINGS IN SLOVAKIA]
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unencumbered, a description of how new shares are to be issued by the debtor or the person involved, how current shares or new shares are to be disposed of if current shares are to be transferred or unencumbered or new shares are to be issued, the name of the entity providing the new financing to the debtor or the person involved, the terms and conditions of the new financing, and any other agreed-upon details of the new financing. The contents of the restructuring plan are measures of economic and legal nature, which are intended to avert the debtor's insolvency and to ensure the viability of the debtor's business. Such measures are in particular: ➢ the restructuring of the debtor's obligations towards the creditors concerned, in particular the postponement or partial remission of their repayment, their security or the modification of their security or their satisfaction otherwise than in cash, ➢ the restructuring of the debtor's assets, in particular the sale, transfer or encumbrance of the debtor's property, undertaking or part of an undertaking, or the lifting of an encumbrance on the debtor's assets, ➢ a restructuring of the debtor's capital structure, in particular the sale, transfer or issue of new shares, the amendment of the memorandum, articles of association or other similar documents or the addition to the debtor's capital, or the same measures in the case of a connected person, ➢ restructuring of the human resources of the debtor's business, in particular the creation or termination of an employment relationship, a change in the terms and conditions of employment or in the conditions of employment, ➢ restructuring of the management and control of the debtor, in particular the
appointment, removal or replacement of a statutory body or a member thereof or of a supervisory body or a member thereof, ➢ other restructuring measures aimed at averting insolvency and ensuring the viability of the undertaking, ➢ financing of the restructuring measures. After the authorisation of a public preventive restructuring, the debtor shall, within 70 days, convene a meeting to approve the restructuring plan, which shall be attended by all creditors claiming to be concerned (i.e. any creditor whose claim arose approximately two months before the filing of the application or the shareholder). A restructuring plan is approved by the concerned creditors if: each group of secured creditors has voted in favour of the public plan, a) in each group of unsecured creditors, at least a three-quarters majority of the voting creditors in that group, calculated on the basis of the number of claims, have voted in favour of the public plan, b) in each group of unsecured creditors, a majority of creditors with claims exceeding 1 % of the number of claims of the voting creditors in that group, calculated on the basis of the one vote per creditor rule, have voted in favour of the adoption of the public plan, c) in each group of creditors with related claims and subordinated creditors, a supermajority of the voting creditors in that group, counted according to the number of claims, voted in favour of the adoption of the public plan, d) in each group of shareholders, a majority of a majority of the shareholders voted in favour of the adoption of the public plan.
ILN Restructuring & Insolvency Group – Bankruptcy, Insolvency & Rehabilitation Series
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