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.
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