|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.|