How is a creditor’s voting right determined in a plan vote in Georgia?

The relevant factors are the claim recognised or counted for the vote, its class and the applicable procedural rules. The claim amount and voting right should be documented before the vote.

How are disputed claims treated in a vote on a rehabilitation plan in Georgia?

They require separate review under the procedural rules. Their disputed status and any provisional treatment must be clear from the voting minutes.

How are creditor majorities calculated in a company rehabilitation in Georgia?

The required majorities must be determined separately for each creditor class under the applicable rules. The claim amounts and votes counted must be reported transparently.

Does a successful creditor vote in Georgia immediately make the rehabilitation plan effective?

Not necessarily. Where court approval is required, the plan becomes binding only after this additional procedural step.

Creditor Voting on a Company’s Rehabilitation Plan in Georgia

In a plan vote in Georgia, eligible creditors decide on the rehabilitation plan according to the rules applicable to their creditor classes. Voting rights, the relevant claim amount and the required creditor majority must be established transparently before the vote.

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Before the voting date, the plan version, creditor classes and claims register must be brought up to the same data date. Each affected creditor should receive timely access to the plan, their classification, the claim amount taken into account and the voting procedures. For each vote, the voter’s identity, authority to represent, class, claim amount counted and decision must be documented. Disputed, conditional or only partially secured claims require separate treatment under the applicable procedural rules. Votes cast by proxies may be counted only if sufficient proof of authority is provided. The required majorities and any minimum participation threshold must be calculated separately for each creditor class. Any changes to the plan shortly before or during the vote must be assessed to determine whether creditors need to be informed again or a new vote is required. The results should be recorded for each class, including votes in favour, votes against, abstentions and votes not counted. A successful vote does not replace any court approval of the plan that may be required.

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