5 reasons why you should not ignore creditors meetings
About Creditors Meetings
Shortly before or after the commencement of a statutory insolvency procedure a creditors meeting will usually be convened by the insolvency practitioner (IP). The meeting is convened so that creditors get the opportunity to:
(1) Appoint their choice of insolvency practitioner (Liquidator, Administrator, Supervisor, Trustee) (“IP”)
(2) Set the basis for the IP’s remuneration and agree fees
(3) Form a creditors committee that will oversee the course of the insolvency and the IP’s duties
(4) Enquire with searching questions into the insolvent’s demise
(5) Compel the IP to take certain actions
At Insolvency & Law we will take instructions on your behalf to attend the creditors meeting and represent your interest. Your interest may be any one, or more, or all of the above 1 – 5 reasons.
Oftentimes we are able to contact other creditors with shared interest and galvanise significant support before the meeting actually takes place. With this support we can achieve any one, more, or all of the above 1 – 5 objectives.
We very firmly believe that the choice of IP should not rest with the insolvent but with creditors instead. When creditors do not use the power of their vote at creditors meetings invariably the insolvent’s choice of IP is appointed.
With a creditor appointed IP you can rest assured that not only will 1 – 5 above be met as routine procedure, most importantly dividend prospects will be enhanced.
To know more about our service contact us and find out how best we can help you- 0207 504 1300