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Structural division: books › SECTION SIX
Article 748 — Approval of the Take-Over Plan by the Creditors’
New Ethiopian Commercial Code Proclamation No. 1243 2021 English Version
Article text
1/ The trustee in bankruptcy shall submit the bids received to acquire the business as a going-concern to the vote of the creditors’ committee.
2/ One or more dissenting creditors, representing at least twenty-five percent of the aggregate amount of pre- insolvency claims, may request the trustee in bankruptcy to convene a general creditors’ meeting to vote on the bids.
3/ The bid is accepted provided that one or more creditors, representing at least half 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.