Creditor’s Meeting
Could you please inform us all of what exactly happens in a creditor’s meeting? And the need for a 2nd creditor’s meeting.
Much appreciated
Could you please inform us all of what exactly happens in a creditor’s meeting? And the need for a 2nd creditor’s meeting.
Much appreciated
In a bankruptcy a creditor meeting is typically an opportunity for the creditors to uncover any discrepancies between their files and the bankruptcy documents or for the creditors to gain a better understanding of the situation that is faced by the bankrupt. In a proposal these same things are done, but a vote on the proposal is also held. In some instances a first creditor meeting may prove insufficient for all of the creditors to be able to vote and the meeting is adjourned for a later date. The expectation is that with the additional time the creditors will then be in a position where they will be able to vote.