Appointment of committee member by large creditor
80-20 Appointment of committee member by large creditor
A creditor representing at least 10% in value of the creditors, or a group of creditors who together represent at least 10% in value of the creditors, of a regulated debtor’s estate may appoint a person as a member of a committee of inspection in relation to the administration of the estate.
If a creditor or a group of creditors appoints a person as a member of a committee of inspection under this section, the creditor or group of creditors may:
remove the person as a member of the committee; and
appoint another person to fill a vacancy in the office of that member of the committee.
A creditor, acting either alone or with others, is not entitled to appoint a person as a member of a committee of inspection under subsection (1) if:
the creditor votes on a resolution to appoint or remove a member of the committee under section 80‑15; or
the creditor, acting either alone or with others, appoints a member of the committee under subsection 80‑25(1); or
the creditor, acting either alone or with others, has already appointed a member of the committee under subsection (1) of this section.
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.