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When application to commence insolvency proceedings is successful, a Court order is issued and an Administrator is appointed by the Court. This will be immediately followed by the First creditors meeting which has 2 functions: establishing the Creditors committee to represent all creditors and definitively approving the Court appointed Administrator.
The administrator must then prepare a Report describing the financial situation of the company and recommending the insolvency proceeding to be followed (liquidation or restructuring).
Within 6 weeks after completion of the report, the Administrator will convene a Creditors general assembly meeting to decide on which insolvency proceeding to follow and verify claims recorded by the Administrator.