Bankruptcy / Proposal / Financial Glossary |
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| first meeting of creditors | The meeting called by the Trustee in Bankruptcy to consider the affairs of the bankrupt or the proposal filed by a debtor, to affirm the appointment of the Trustee, to appoint inspectors, and to give such directions to the Trustee as the creditors may see fit. Under the Bankruptcy and Insolvency Act, there is not a meeting of creditors required for simple personal bankruptcy cases (referred to as summary administration bankruptcies), unless the Superintendent of Bankruptcy or creditors holding 25% of the proven claims request one. |
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