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(2) For that purpose, the company shall send to each creditor, at least 10 days before the date of the creditors meeting, notice in writing of such meeting.
The voluntary administrator must hold the first meeting of creditors within eight business days of being appointed, unless the court allows an extension of time. At least five business days notice of the meeting must be given to creditors. Creditors can vote at the meeting to: replace the administrator, and/or.
Failure to attend a meeting of creditors is an offence under Section 198(2) of the Bankruptcy and Insolvency Act unless sickness or other sufficient cause prevents the bankrupt from attending. The creditors can ask questions in regard to the bankrupts past, present and future finances.
The Court enters an order discharging individual Debtors after all requirements are met, but no sooner than the last day to object to the Debtors Discharge. This is usually 60 days after the 1st setting of the 341 Meeting of Creditors unless a motion is filed with the court to extend that time.
The meeting of creditors also known as a 341 meeting, is a required step in the bankruptcy process. It is not a court hearing, and there is no judge. Instead, the meeting is conducted by a trustee.
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What the notice needs to say. There are three major points that a notice to creditors needs to contain: the name of the person who has passed away, the amount of time creditors have to come forward, and contact information for the executor or the executors lawyer.
Under the Act, the administrative receiver must not only notify all creditors of his appointment within 28 days but, unless the company goes into liquidation, he must within three months of his appointment, call a meeting of creditors (section 48) on 14 days notice and present a report dealing with the events leading
The trustee will check identification and ask a series of questions about the bankruptcy paperwork. Creditors can attend and ask about financial matters as well, although few appear. Most 341 hearings last less than 10 minutes.

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