1E9Ct5D

5. Role of Creditorsa. GermanyCreditors act both independently (at the creditors’ meeting) and as a group throughthe (preliminary or final) creditors’ committee. 21For example, the creditors have theauthority to replace the final insolvency administrator at the initial creditors’meeting. 22In addition, at the initial creditors’ meeting the creditors get to decidewhether to affirm the Court’s appointment of the preliminary creditors’ committee. Ifno preliminary creditors’ committee has been appointed, the creditors must decidewhether to form a creditors’ committee.The administrator must submit certain major decisions to a vote of the creditors atthe creditors’ meeting. 23Decisions are made by the creditors that hold the majorityof the value of the claims against the insolvent company. As a result, creditorsholding the largest claims can force their will upon the creditors holding smallerclaims. To counterbalance the power of the creditors holding the largest claims, theother creditors may seek the intervention of the Court to overturn a vote that that iscontrary to the common interests of the creditor body as a whole.21 Insolvenzordnung [InsO] [Insolvency Statute], Oct. 5, 1994 [Bundesgesetzblatt] (BGBl.] 2866, aslast amended by Art. 6 G of the Act of August 31, 2013 [BGBl.] 3533, § 67 ff.22 Insolvenzordnung [InsO] [Insolvency Statute], Oct. 5, 1994 [Bundesgesetzblatt] (BGBl.], 2866, aslast amended by Art. 6 G of the Act of August 31, 2013 [BGBl.], 3533, § 56 a.23 Insolvenzordnung [InsO] [Insolvency Statute], Oct. 5, 1994 [Bundesgesetzblatt] (BGBl.] 2866, aslast amended by Art. 6 G of the Act of August 31, 2013 [BGBl.] 3533, § 160.17