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Structural division: BOOK THREE › party › CHAPTER FIVE
Article 681 — Determination of Voting Rights in the Classes of
New Ethiopian Commercial Code Proclamation No. 1243 2021 English Version
Article text
1/ The voting rights of the creditors in the classes of creditors’ and general creditors’ meetings are determined by the supervisor in reorganization and shall correspond to the principal amount of the pre- insolvency claims, excluding interest, resulting from the last certified accounts or financial statement of the debtor.
2/ Such determination shall be made three days before the holding of the creditors' meeting, and shall take into account any assignment and any reimbursement of pre-insolvency claims that occurred after the opening of proceedings; The supervisor in reorganization may be assisted by independent auditors in the determination of the amount of pre- insolvency claims.
3/ Any assignment and transfer of pre-insolvency claims that occurs less than three days before the classes of creditors’ and general creditors’ meetings shall be unenforceable against the proceedings.
4/ Any dispute concerning determination of voting rights shall be decided by the supervisory judge with no appeal possible.
5/ The supervisor in reorganization shall take into consideration provisional admissions under 0 (2), but shall not wait for the final decision of the supervisory judge or the competent court or tribunal with respect to the admission of pre-insolvency claims.
6/ Any decision on the voting rights of creditors in the classes of creditors’ and general creditors’ meetings shall have no effect upon the admission of pre- insolvency claims by the supervisory judge or the competent court or tribunal.