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Creditors Meeting Services

Sadly it as a fact of business life that on occasion you may have a client that enters some form of administration whilst owing you money.

What do you do? What likelihood is there of our business being paid some of our outstanding debt?

We at abacus believe that our clients should look to appoint and have professional representation at Creditors’ meetings. There are a number of benefits by having an expert present at the meeting it can:-

• Improve dividend prospects;
• Modify proposals for a compromise of debt;
• Ensure that relevant facts not revealed are brought to the attention of the meeting.

But where do clients go to obtain professional representation? abacus have teamed up with The P&A Partnership a specialist insolvency practitioner for over 120 years.

If you receive a notice of a meeting P&A will assist you with the completion of all documentation and arrange to attend Creditors’ Meetings anywhere in the UK either with you or on your behalf and will advice you on any future action you may need to take.

Click here to contact your local abacus accountant for a free consultation.

The purpose of the Creditors’ Meeting depends on the type of insolvency and can be quite complex.

The procedures involved include the following:

Bankruptcy

Where creditors appoint a Trustee and a committee to oversee the Trustees’ actions.

Liquidation

Where creditors appoint a Liquidator.

Voluntary Arrangements

Where creditors vote on whether or not to accept (with or without modifications) proposals for a compromise of the customer’s debts. (if over 75% by value accept, the proposals are binding on all creditors)

Administrative Receivership

Where the Receiver presents a report on the conduct of the Receivership and advises creditors of dividend prospects. The meeting can establish a Creditors’ committee to oversee the actions of the Administrative Receiver.

Administration

Where the Administrator sets out proposals for dealing with the affairs of the company and where the creditors decide whether or not to accept, with or without modifications. The creditors may also establish a Creditors’ committee to oversee the Administrators' actions.