Article 70 of Bankruptcy Law

Within ten days of issuance of the decision opening preventive settlement proceedings, the debtor shall coordinate with the creditors to form a creditors’ committee comprising representatives of the classes of his debts. The committee shall be chaired and represented by the creditor holding the largest amount of the debtor’s debts, and each class of the debtor’s debts shall be represented by the creditor holding the largest amount of the debtor’s debts in that class, unless the required majority approves, or the creditors holding a majority of the class of debts approve, the appointment of representatives of the classes of the debtor’s debts and of the creditors’ committee other than the creditors bewildered over the largest debts or other than creditors. With the approval of the required majority of creditors or the approval of creditors holding a majority of the class of debts, the committee’s representative may be relieved of his duties and a replacement appointed. If the latter does not obtain the aforementioned approvals, the representative shall be from among the creditors holding the largest debts, then the next in descending order, then the next.