Question

Write Notes on Creditors Meeting.

Answer 1

Meeting of creditors is a term used to donate a meeting setup by the company to formulate a scheme for the arrangement with its creditors.

The Company's Act 2013 not only gives powers to the company to negotiate with the creditors but also lays the down the process of doing so.

Creditor's meeting are also organised in the case of creditors' voluntary winding up.

In case of winding up of company , the company must call for a meeting of creditors on the day or the next day following the day , on which there is to be conducted the general meeting of the company at which the resolution for voluntary winding up is to be proposed. At the meeting of the creditors.

The board of directors of the company must present a statement of the position of the company affairs jointly with the list of creditors of the company and project amount of their claims