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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

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One Response to “Creditor’s Meeting”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

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.