The bankruptcy court appoints a government official (Bankruptcy Office) as trustee. One of the first actions of the trustee is to publish the bankruptcy ruling and an invitation to all creditors to join for a meeting. At the same time all creditors are invited to submit their claims.
The creditor’s meeting has the right to vote on certain issues and provide the trustee with instructions.
The creditor’s meeting can elect a number of their members to form a special body, the Board of Creditors, that is charged with supervising the trustee or the private receiver making certain decisions as provided in the bankruptcy code.
The creditor’s meeting can elect a one or more members of it’s body as a private receiver. It can also appoint a law firm or an accountant as private receiver, to pursue and manage the various stages of the bankruptcy.