MRL3701 - Study Unit 12 - Meetings Of Creditors And Proof Of Claims | Questions And
Answers Latest {2024- 2025} A+ Graded | 100% Verified
MEETINGS OF CREDITORS - By means of a system of meetings the insolvent's creditors establish:
1. their claims
2. elect a truste
3. give directions to the trustee on winding up of the estate
CREDITORS - means creditors in respect of debts incurred BEFORE sequestration. Creditors of the estate
whose claims were not in existence at the date of sequestration, such as an attorney who has rendered
professional services at the instance of the trustee, do not have to prove their claims and have no right
to vote at meetings. Amounts due them ae simply paid as part of the costs of sequestration.
FOUR DIFFERENT TYPES OF CREDITORS' MEETINGS: - 1. first meeting
2. second meeting
3. special meeting
4. general meeting
FIRST MEETING - On receipt of a final sequestration order, Master is obliged to convene immediately, by
notice in the Gazette, a first meeting of creditors of the estate. Notice in Gazette must appear not less
than 10 days before the date of the meeting and must state the time when and place where it is to be
held.
Master must choose a time and place which he considers to be most convenient for all parties
concerned. He may if necessary alter the time and place of the meeting provided he gives sufficient
notice of the alteration in the Gazette.
PURPOSE OF FIRST MEETING - to enable creditors of the estate to prove their claims against the estate
and elect a trustee.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller oneclass. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.48. You're not tied to anything after your purchase.
