Professional representation for you or your
client at Creditors' Meetings has many benefits. It can:
- improve
dividend prospects;
- modify
proposals for a compromise of debt;
- ensure
that relevant facts not revealed are brought to the attention
of the meeting.
We will attend Creditors'
Meetings anywhere in the UK on behalf of you and/or your client
free of charge. The purpose of the Creditors' Meeting depends
on the type of insolvency and can be quite complex.
The procedures
involved include the following:
Bankruptcy
Where creditors appoint
a Trustee and a Committee to oversee the Trustees' actions.
Liquidation
Where creditors appoint a Liquidator and
a Committee to oversee the Trustees' actions.
Voluntary Arrangements
Where creditors vote
on whether or not to accept (with or without modification)
proposals for a compromise of the customer's debts. (If over
75% by value
accept, the proposals are binding on all creditors.)
Administrative
Receivership
Where the Receiver presents a report on the
conduct of the Receivership and advises creditors of dividend
prospects.
The meeting can establish a Creditors' Committee to oversee
the actions of the Administrative Receiver.
Administration
Where the
administrator sets out proposals for dealing with the affairs
of the company and where the creditors decide whether or
not to accept, with or without modifications. The creditors
may also
establish a Creditors' Committee to oversee the Administrator's
actions. The P&A Partnership would be present at these
meetings and produce a report outlining significant issues
and advise
you of dividend prospects. We can also represent your interests
on a Creditors' Committee.
What Next?
If you receive a notice
of a meeting, contact any Partner on the P&A Partnership
Confidential help Line:0800 542 3021
We will assist you with the
completion of the documentation and arrange to attend the meeting
either with you or on your behalf and will advise you on any
future action you may need to take.
