As a general rule, creditors will have the right to vote in reorganisation or liquidation proceedings, provided that their credits have been recognised by the debtor upon submitting a voluntary request for reorganisation or liquidation, or by the creditors participating in the relevant proceeding once they have notice of the existence of the same, following procedural rules and deadlines provided by law.
Related-party creditors do not have the right to vote in creditor meetings of reorganisation or liquidation proceedings, and their credits are not considered in the calculation of the debtor’s liabilities.
Reorganisation proposals must be approved by the debtor and with the favourable vote of creditors with the right to vote representing at least 66.6% of the creditors assisting in the relevant meeting. The proposal can be separated in different creditors’ classes, considering their preferences according to law and if their credits are secured with a mortgage or pledge. If the reorganisation proposal is separated in different classes of creditors, the approval of the proposal in each class of creditors is contingent on the approval of the proposal in the other classes of creditors.
Creditors’ meetings in liquidation proceedings are validly held with the assistance of creditors with a right to vote representing at least 25% of the debtor’s liabilities. Resolutions in liquidation creditors’ meetings are generally subject to simple majority rule, whereas decisions regarding the means of liquidation of the debtor’s assets are subject to an absolute majority rule.
Other than the quorums explained above, ordinary procedural resolutions by creditors in both types of proceedings are subject to a simple majority rule.