Review unaffected rights and the absence of a voting right
Under section 143(1) IO, a creditor whose rights are not adversely affected by the plan has no voting right. Record which plan term is said to leave the claim fully unaffected.
Restructuring
Review a reorganisation plan as a creditor: dividend, voting rights and documents
Review an Austrian reorganisation plan as a creditor: dividend, payment dates, voting rights, majorities, confirmation and documents.
Your insolvency law team
BRANDAUER Rechtsanwälte
Insolvency law, Salzburg and throughout Austria
We review the procedural status, contracts, payment records and security, then explain which legal question needs to be addressed next.
22 July 2026, Mag. Bernhard Brandauer, Rechtsanwalt
An Austrian reorganisation plan can shape the payment of insolvency creditors for years. A creditor should not decide by reading the proposed dividend alone. Payment dates, funding, security, claim status and the legal effect of the plan must be reviewed together.
Section 140 IO requires the application to state how creditors are to be paid or secured. Section 141 IO sets further limits on the plan content. Whether a creditor may vote and which majorities are required depends particularly on sections 93, 143 and 147 IO.
This article reviews the plan from a creditor perspective. It complements the general reorganisation and restructuring topic page and does not repeat a broad procedural overview.
Review the plan
Five review fields before the vote
Statutory minimum requirements and commercial decision material have different functions. The file should separate them clearly and then assess them together.
| Review field | Statutory basis | Documents | Decision question |
|---|---|---|---|
| Offer | Section 140 IO requires details of payment or security. | Complete plan application, annexes and any amendments. | What does the creditor receive, when and subject to which conditions? |
| Section 141 IO Dividend and period | Insolvency creditors must be offered at least 20 per cent within no more than two years. | Dividend calculation, payment dates and funding presentation. | Are the amount, due dates and funding assumptions traceable? |
| Voting right | Sections 93 and 143 IO address claim status and whether rights are affected. | Claim filing, review result, disputes and security. | Does a voting right exist and for what amount may the vote count? |
| Majorities | Section 147 IO requires both a headcount and claim amount majority among creditors present and entitled to vote. | Attendance list, voting amounts and voting result. | Were both statutory majorities actually achieved? |
| Confirmation | Under section 152 IO, an adopted plan requires court confirmation. | Order, essential plan terms and public notice. | Which confirmed obligations and dates apply after the order? |
The table provides a review framework. The specific legal position depends on the plan, claim and procedural status.
Prepare the voting decision
Which issue must be reviewed first before voting?
The check organises affected rights, claim status and plan documents. It does not determine the legal voting right or recommend a commercial decision.
Discuss the specific matter with the firm.
Does the reorganisation plan adversely affect the rights arising from your claim?
Your answers
Review the documents
Clarify the plan effect on the claim
Without a clear allocation, neither the voting right nor the commercial effect can be assessed reliably. Obtain the complete plan and match the claim, security and proposed treatment precisely.
Prepare the claim status and possible voting amount
Section 93 IO contains special rules for unreviewed, disputed, conditional or partly covered claims. Keep the filing, dispute, review result and expected cover so the court can determine how the vote is to count if necessary.
Complete the commercial basis before voting
A statutory minimum dividend does not show that the proposed payments can be funded. Organise payment dates, funding sources, conditions and any security before assessing the consequences of consent.
Document the legal and commercial decision separately
The file is prepared for an individual assessment. Compare the plan return, timing and economic shortfall, security and realistic alternatives in the specific proceedings.
Recalculate the dividend and payment schedule
Section 141(1) IO generally requires an offer of at least 20 per cent to insolvency creditors, payable within no more than two years from adoption of the plan. This is the statutory minimum content. It does not prove that the specific plan can be funded.
Check the amount of the admitted or asserted claim, the proposed dividend, each instalment and every payment date. The calculation should show the claim basis to which the percentage is applied and any conditions attached to individual payments.
A commercial assessment also needs liquidity forecasts, funding sources, operational measures and any security. The restructuring readiness check helps organise these document groups before professional review. It does not predict success.
Derive the voting right from affected rights and claim status
Derive the voting right from affected rights and claim status
Section 143(1) IO excludes a voting right where the creditor’s rights are not adversely affected by the plan. In other cases, it refers to section 93 IO. Established insolvency claims entitle the creditor to participate in the vote.
Under section 93 IO, unreviewed, disputed or conditional claims initially participate as well. If the result changes depending on whether and to what extent such a vote is counted, the insolvency court decides after a preliminary review and hearing the parties.
Preparation therefore starts with the claim filing, contractual basis, invoices, performance evidence, disputes and any security. The glossary entry on reorganisation proceedings explains the procedural setting.
Check headcount and claim amount majorities separately
Check headcount and claim amount majorities separately
Section 147(1) IO requires two majorities. A majority of the insolvency creditors present at the hearing and entitled to vote must consent. In addition, the claims of consenting creditors must exceed half of the total claims of those present and entitled to vote.
A high claim amount cannot replace the required headcount majority. Conversely, a headcount majority is insufficient if the claim amount majority is missing. Attendance, voting rights and relevant claim amounts must therefore be documented separately.
If only one majority is achieved, section 147(2) IO allows the debtor to request another hearing and vote before the first hearing closes. Under subsection 3, creditors are not bound by their earlier declarations at the renewed hearing.
Wait for court confirmation after adoption
Wait for court confirmation after adoption
The vote is not the final step. Under section 152 IO, the reorganisation plan requires confirmation by the insolvency court. The confirmation order must state the essential terms of the plan and is made public.
Keep not only the voting result but also the court order and confirmed plan version. Payment dates, conditions and security must be taken from this binding documentation rather than from an earlier presentation or negotiation draft.
The firm’s broader German article on Austrian reorganisation proceedings explains debtor in possession proceedings, the plan and continuation of the business. This article remains focused on the creditor file before and after voting.
Build the creditor file for the hearing and follow up
Build the creditor file for the hearing and follow up
A workable file contains the claim filing and evidence, review result, disputes, security, complete plan, every amendment, court notice and an independent calculation of the proposed payments. Authority to represent the creditor and internal decision powers should be clarified before the hearing.
Record legal issues separately from uncertain commercial assumptions. Consent despite incomplete commercial information may carry risk. Rejection is not automatically the better outcome either. The specific plan return and realistic alternatives in the proceedings are decisive.
After confirmation, the file needs a payment calendar and a person responsible for ongoing reconciliation. Receipts, deviations and further court notices should be matched against the confirmed plan.
Do not read the dividend in isolation: The percentage alone shows neither the actual payment timing nor funding, voting rights or the effect of court confirmation. Review the plan text, claim status and commercial documents together.
FAQ
Common creditor questions about reorganisation plans
What minimum dividend must an Austrian reorganisation plan offer? +
Under section 141(1) IO, insolvency creditors must generally be offered at least 20 per cent, payable within no more than two years from adoption. The provision contains a special longer maximum period for natural persons who do not operate a business.
May every insolvency creditor vote on the plan? +
No. Under section 143 IO, there is no voting right if the plan leaves the creditor’s rights unaffected. Otherwise, claim status and any expected cover must be reviewed under section 93 IO.
Which majority is required for the plan? +
Section 147 IO requires both a majority of the insolvency creditors present and entitled to vote and more than half of the claim amount represented by those creditors.
Is the plan confirmed immediately after a successful vote? +
No. Under section 152 IO, an adopted plan still requires confirmation by the insolvency court. The court order states the essential terms and is made public.
Next steps
Prepare the plan and creditor position further
Reorganisation and restructuring
Place insolvency reorganisation, the ReO and out of court options in their legal context.
Restructuring readiness check
Organise liquidity, creditor groups, funding and measures for legal review.
Reorganisation proceedings glossary
Review the classification as court supervised insolvency proceedings under section 167 IO.
Topics
Reorganisation planCreditorDividendVoting rightsInsolvency proceedings
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