The article is dedicated to the comparative legal analysis of the provisions of the Code of Ukraine on Bankruptcy Procedures as well as Inzolvenzordnung (The Insolvency Statute in Germany) that regulate the legal status of creditors and their self-government bodies.

Legislative definitions of the notion “creditor” and certain varieties of it applicable to the bankruptcy procedure in Ukraine and the insolvency procedure in Germany are analyzed. Besides the varieties of creditors fixed by legislation, the author provides their doctrinal differentiation and substantiates the need for their more accurate and detailed elaboration.

Also, the author analyses the provisions on the legal status of the meetings of creditors and committee of creditors in Ukraine and the meetings of creditors, temporary committee of creditors and committee of creditors under the German law.

As the result of the research the issues of concern in the above elements of the procedure for declaring bankruptcy are highlighted, specific features of the legal nature of their solutions are mentioned as well as competences of the representative bodies of creditors are analyzed. Special attention is paid to the minimum number of votes necessary for decisionmaking as well as to the analysis of other issues of concern within this range of topics, that keep options open for prospective abuse of own rights by dishonest creditors. The author gives examples from the practice of Ukrainian courts that have faced the above abuse.

Besides that, specific ways of solving the problems described as well as proposals provided concerning the improvement of the provisions of the applicable Code on Bankruptcy Procedures by the Ukrainian legislator are highlighted, and all this seems to be possible due to the comparative legal analysis of specific elements of the bankruptcy (insolvency) procedure in Ukraine and in Germany.