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Our Services for the External Stakeholder

Creditors meetings - General guidance

What are the various meetings for and should I attend in person?

Procedure

Insolvency Act Section number

Purpose of meeting

Should I attend in person?

CVL

98

To ratify choice of liquidator and receive a report on the financial position of the company together with the reasons for failure

You can use the proxy form process to record your vote for liquidator. You could attend to question the directors personally or speak to the appointed liquidator about your concerns

CVL

105

To discuss liquidators' annual report

Only if you have concerns to raise that are best done in person, particularly if the liquidator is proposing non-standard resolutions.

CL

139

To choose liquidator and committee

You can use the proxy form process to record your vote for liquidator. You could attend to question the directors personally or speak to the appointed liquidator about your concerns

CVA/IVA

Administration

3 (companies)
252 (individuals)

To agree proposals with amendments

Quite possibly. Whilst you can use the proxy form to record your vote on the proposals that were issued before the meeting, these might be amended during the course of the meeting and your views on the changes will not be heard. Consider asking a fellow creditor or a professional to attend on your behalf.

Receivership

48

To discuss the report of the receiver

Not unless you have specific questions for the receiver, as the background events and conduct of the directors is not normally discussed

Bankruptcy

293

To choose trustee

You can use the proxy form process to record your vote for trustee. You could attend personally to speak to the Official Receiver about your concerns

Common questions and answers (References to "Sections" and "Rules" are to the Insolvency Act 1986 and Insolvency Rules 1986 respectively)

The following comprises general information about meetings of creditors. Please click on the procedure that interests you.



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This document explains the relevant position only in general terms. We do not intend it to be used as formal advice about a specific situation, for which you should consult with a qualified insolvency practitioner and not rely upon this document. Portland would be pleased to advise you formally and you should contact one of the directors listed to arrange this. Portland regrets it is unable to accept any responsibility to anybody who seeks to rely on this document.