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Meetings of Creditors Contents: In Bankruptcies In Part X (Personal Insolvency Agreement) and Part IX (Debt Agreement) Notice of Meeting of Creditors in a bankruptcy Who is allowed to vote Proxies Attorneys Quorum Motion Bankruptcies The trustee may convene a meeting of creditors of the bankrupt. A meeting will be held to consider any offer of a scheme of arrangement or composition proposed by a bankrupt. Creditors may request a meeting be called. Where only a small proportion of the creditors require a meeting it should be noted that they may be required to fund the cost of the meeting. Part X and Part IXs Meetings are held in controlling trusteeships and Debt Agreement administrations to establish, vary or terminate the agreement. In Part IX, voting can occur by creditors posting (or otherwise delivering) voting letters to the Official Trustee rather than by a formal meeting of creditors. For a Part X, voting can occur by creditors posting (or otherwise delivering) voting letters to the trustee rather than by a formal meeting of creditors. Notice of Meeting of Creditors in a bankruptcy Creditors receive notice if there is to be a meeting of creditors. The notice will include a report to creditors and usually give at least 7 days notice. The trustee can call a meeting at any time or creditors may make a written request for a meeting. Meetings are called for various reasons, the most common being; to accept an offer of composition or scheme of arrangement in full settlement of debts (special resolution required) for the trustee to inform creditors about the conduct of the administration to change trustees Along with the notice and trustees report, creditors will receive a Proof of Debt form, Claim and Vote Form and an Agenda setting out the matters to be considered at the meeting. The meeting is run to the agenda. * See available Forms for Creditors ^ top Who is allowed to vote A person other than a creditor is not entitled to vote. A creditor must give to the trustee at or before the meeting a completed statement of their debt (normally a Proof of Debt form) setting out: The amount owed by the bankrupt Brief particulars of the transaction and the circumstances that gave rise to the debt. If security is held, the trustee should be advised of the estimated value of the security and given an approximation of the shortfall. The creditor can then vote to the value of the shortfall. Please note that a creditor is not entitled to vote where no statement of debt or Proof of Debt is provided to the trustee prior to the meeting. Proxies If a creditor wishes to appoint a proxy it is advisable to provide the trustee with the completed proxy form prior to the meeting, as it will assist the trustee in determining whether a quorum exists and who has the voting rights. Proxies are tabled at the beginning of the meeting. If a proxy is accepted after the initial announcement, the proxy holder may vote on subsequent resolutions. Any proxy lodged in place of another takes effect from the time of lodgement. Proxy holders have obligations to disclose whether they have received any financial incentive to vote in a particular way. The bankrupt can not be appointed as a proxy. Attorney If a creditor wishes to be represented by an attorney, the creditor must arrange for the Power of Attorney to be produced to the trustee at or before the meeting. Quorum A quorum is determined by having a minimum of one creditor who is entitled to vote (either in person or by proxy) and the trustee (or their representative) present. Motion Motions may only be proposed by creditors. A reasonable time will be allowed for discussion then a vote will be taken. If motions are proposed at the meeting with no prior notice, creditors may wish to adjourn the meeting to take time to consider these matters. ^ top

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