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Structural division: BOOK THREE › party › CHAPTER ONE
Article 645 — Appointement of Controller
New Ethiopian Commercial Code Proclamation No. 1243 2021 English Version
Article text
1/ The supervisory judge shall appoint up to five controllers from among creditors at their request. The supervisory judge shall ensure that a controller is selected from among secured creditors and another one from unsecured creditors.
2/ No relatives by consanguinity or affinity of the debtor or manager of the debtor up to a fourth degree inclusive, or no person owning directly or indirectly equity or interest in the debtor’s estate, may be appointed as a controller.
3/ Controllers shall defend the general interest of all creditors and shall assist the supervisor in reorganization in the preparation of the reorganization plan.
4/ Controllers may not be entitled to receive any remuneration, except the reimbursement of their costs and expenses as approved by the supervisor in reorganization.
5/ Controllers shall not acquire any asset of the debtor’s estate; Any acquisition in violation of this provision shall be of no effect; and the controller who violates this rule shall be removed and replaced with another person.