Creditors’ committees should be involved in insolvency proceedings and ensure that they are conducted in a way that protects creditors’ interests, including by following and being regularly informed of the activities of the insolvency practitioner, without requiring the insolvency practitioner to be subordinate to the committee. The role of creditors’ committees in monitoring the fairness and integrity of insolvency proceedings can only be performed effectively where they and their members act independently from insolvency practitioners and are accountable only to the creditors. The members of creditors’ committees should act in good faith when carrying out the functions of the committee. Creditors, members of creditors’ committees and any professionals employed by creditors’ committees should maintain the confidentiality of confidential information obtained in connection with the creditors’ committee’s activities.
Text as published in the Official Journal, reproduced verbatim (including any typographical quirks of the source). For the authentic version, see EUR-Lex.
