The purpose of the meeting is to get the creditors agreement to the actions of the insolvency practitioner handling the administration. This requires a 75% majority of voting creditors.
As insolvency practitioners ourselves, we understand the format and what will be discussed at these meetings and can help you prepare properly.
Ahead of the meeting you’ll receive a statement of affairs from the company that sets out their financial position and gives you an idea of what money is available and what you could receive back.
There’s also a directors’ report which is a narrative summary of the company’s history including how it ended up in administration. If there’s been any malfeasance from directors then this will also be included.
The majority of these meetings are held virtually – either on a group telephone call or a video call with between nine and 21 days notice.
The creditors meeting will usually last about 40 minutes but can go on if there are complicated issues to address.
You’ll have the opportunity to ask questions of the directors which we can help you plan to get the important information and answers you need. Alternatively we can dial into the meeting with you and on your behalf and ask the appropriate questions ourselves.
You can also ask the liquidator to investigate any specific areas of interest or may suggest a change of liquidator if you have concerns or are unhappy about their working relationship with the debtor company.