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Composition of committee of creditors According to the code, Section 18 and Section 21 directs the Interim Resolution Professional to constitute the Committee of Creditors, once the collation of all the claim proof is done.
Composition of committee of creditors According to the code, Section 18 and Section 21 directs the Interim Resolution Professional to constitute the Committee of Creditors, once the collation of all the claim proof is done.
Creditors' committees can play a major role in chapter 11 cases. The committee is appointed by the U.S. trustee and ordinarily consists of unsecured creditors who hold the seven largest unsecured claims against the debtor.
In a chapter 11 case, a representative of the United States Trustee conducts the meeting. The meeting permits the trustee or the representative of the United States Trustee to review the debtor's petition and schedules with the debtor.
In large Chapter 7 cases, creditors sometimes elect a creditors' committee consisting of between three and 11 unsecured creditors, who may consult with the Chapter 7 case trustee about the administration of the estate. For more information on creditors' committees, see Practice Note, Chapter 11 Creditors' Committees.
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Composition of committee of creditors According to the code, Section 18 and Section 21 directs the Interim Resolution Professional to constitute the Committee of Creditors, once the collation of all the claim proof is done.
A Creditors' Committee usually consists of at least three members and can include up to seven members holding the largest unsecured claims. A Creditors' Committee owes duties to its constituents, the unsecured creditors, and holds powers to influence the course of the chapter 11 case.
Answer: The meeting of creditors is a hearing all debtors must attend in any bankruptcy proceeding. The meeting of creditors is held outside of the presence of the judge and, depending upon the case chapter, usually occurs between 21 and 50 days after the filing of the petition.
A Creditors' Committee usually consists of at least three members and can include up to seven members holding the largest unsecured claims. A Creditors' Committee owes duties to its constituents, the unsecured creditors, and holds powers to influence the course of the chapter 11 case.
In a chapter 11 case, a representative of the United States Trustee conducts the meeting. The meeting permits the trustee or the representative of the United States Trustee to review the debtor's petition and schedules with the debtor.

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