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Bankruptcy: creditors' first meeting


This is held within fourteen days of the receiving order. It is summoned with six clear days' notice by the official receiver by publication in the London Gazette and a local paper, and by post to all creditors named in the statement of affairs. A summary of the statement should accompany the notice to the creditors. The debtor must receive three days' notice. The purpose of thc meeting is to discuss whether a composition or scheme of arrangement should be accepted or whether the debtor should be adjudged bankrupt.

Reference: The Penguin Business Dictionary, 3rd edt.