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“Bankrupt autocracy” — Tatiana Tereshchenko for Legal Information Agency

The state was not responsible for the financial failure of private companies or even banks, and a minority of victims of bankruptcy should obey the will of the majority. This decision was made by the European court of human rights.

Tatiana Tereshchenko, head of analytical department of "Prime Advice":

The so-called principle of majority is inherent in the nature of any decisions taken the meeting. It will apply to all participants in the community as participating and voting for a particular decision, and objected to or did not participate. As a general rule, a simple majority of the participants in the meeting should vote for the decision. These rules are designed for any meeting in the broadest sense – collegiate management bodies of legal entities (members of limited liability companies, shareholders, boards of directors, etc.), meetings of creditors in bankruptcy, co-owners of common property in an apartment building, members of consumer cooperatives, and so on.

Protection of interests of each individual participant is ensured by opportunity to take part in the meeting and present position. Risks due to the fact that the decision taken by the meeting may not suit one of the minority creditors do not violate the balance of interests as a whole, since the number of votes is equivalent to the size of the corresponding claim.

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