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Structural division: BOOK THREE › party › CHAPTER SIX
Article 693 — Approval of the Take-over Plan by the Creditors’
New Ethiopian Commercial Code Proclamation No. 1243 2021 English Version
Article text
1/ Where the reorganization plan is rejected by the creditors' meeting or by the court, the supervisor in reorganization shall submit the bids received to acquire the business as a going-concern for voting by creditors.
2/ The bid is accepted provided that one or more creditors, representing at least two-thirds of the claims of creditors support the bid, including by way of written agreements among the creditors; creditors who are notified but neither present nor represented shall not be taken into account for the purpose of voting.