The creditors’ arrangement procedure involves the conclusion of a contract between the debtor in financial difficulty and the creditors who hold at least 75% of the accepted and undisputed claims. According to the changes brought by EU Directive no. 2019/1023, the creditors arrangement procedure can also be opened by creditors, and not only by the debtor.

The voting process on the restructuring plan is like the one on the restructuring agreement with the following particularities:

• in order to vote on the restructuring plan, within the same category of claims, one or more subcategories belonging to creditors with common specific interests may be constituted, whose treatment may be different from one subcategory of claims to another.

• in the case of creating sub-categories of claims, the category is considered to have voted for the restructuring plan if the acceptance is achieved by the absolute majority of the value of the claims in that category.

After the vote on the restructuring plan, it must be confirmed by the syndic judge, like the restructuring agreement procedure, through a non-contentious procedure.

Also, the closing of the creditors’ arrangement procedure is like that of the restructuring agreement.