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Summary Exam Notes for Topic 6.
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This is a summary of the work covered in Topic 6. Accompanied by case summaries and possible examination questions.
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MRL3701 MAY JUNE 2023 (COMPLETE PORTFOLIO ANSWERS)
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Exam (elaborations) MRL3701 - Insolvency Law (MRL3701) Hockly's Insolvency Law
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Topic 6: Creditors and their Ranking.....................................16.1 Meetings of Creditors and Proof of Claims..................................................................................1
Meetings of Creditors.................................................................................................................... 1
Proof of Claims.............................................................................................................................. 3
Voting and Resolution of Creditors................................................................................................ 5
6.2 Realization of Estate Assets........................................................................................................ 6
Section 82 of the Insolvency Act:.................................................................................................. 6
6.3 Creditors and their ranking.......................................................................................................... 6
Types of creditors.......................................................................................................................... 7
Secured creditors.......................................................................................................................... 7
Secured claims ranking................................................................................................................. 7
Preferent creditors......................................................................................................................... 8
Concurrent creditors...................................................................................................................... 8
6.4 Estate Accounts and Distribution................................................................................................. 8
Exam Questions........................................................................9
Creditors and their ranking................................................................................................................ 9
Types of claims................................................................................................................................. 9
Meetings of creditors....................................................................................................................... 10
Topic 6: Creditors and their Ranking
6.1 Meetings of Creditors and Proof of Claims.
Meetings of Creditors.
First meeting.
o S40(1): on receipt of a final sequestration order, the Master is obliged
to convene, by notice in the Gazette, a first meeting of creditors of the
estate.
, This notice must appear not less than 10 days before the first
meeting is held.
The Master must choose a time and place he believes is most
convenient.
o The purpose of the first meeting?
For creditors of the estate to prove their claims against the
estate.
And select a trustee.
Second meeting.
o S40(3)(a): after the first meeting, the Master must set a second
meeting for the creditors.
o The purpose of this meeting?
Enables the creditors to prove their claims
Receive the trustees report on the statement of affairs and the
condition of the estate
Give the trustee direction in connection with the administration
of the estate.
Special meeting.
o These meetings can be called for either of the two purposes:
Proof of claims
After the second meeting, the trustee may be called upon
to call for a special meeting by notice in the gazette for
further claims against the insolvent estate.
Interrogation of the insolvent
Requires the Masters consent
If requested by a creditor, the trustee must convene a
special meeting by notice in the Gazette for the
interrogation of the insolvent.
o Cannot be called to interrogate any other persons,
only the insolvent.
General meeting.
o The trustee may convene a general meeting at any time for the
purposes of receiving directions on the administration of the estate
from the creditors.
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