FIRST MEETING OF CREDITORS
first meeting of creditors: translation
- first meeting of creditors
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a mandatory meeting between creditors and the debtor. It is usually held within a month of the filing of bankruptcy but often occurs later when the debtor has filed its schedules of financial information (Glossary of Common Bankruptcy Terms)
The meeting called by the Trustee in Bankruptcy to consider the affairs of the bankrupt or a debtor under a proposal. NOTE: Under the Bankruptcy and insolvency Act, as amended on September 30, 1997, there is not a meeting of creditors required for simple personal bankruptcy cases, unless the Superintendent of Bankruptcy or creditors holding 25% of the proven claims request one. (Dictionary of Canadian Bankruptcy Terms)
(= 341 meeting) (Common Bankruptcy Terms)
United Glossary of Bankruptcy Terms2012.