meeting of creditors

meeting of creditors
meeting of creditors
The debtor must appear at a meeting with the trustee to be examined under oath about assets and liabilities. Creditors are invited but seldom attend. The meeting is sometimes called the 341 meeting, after the section of the Bankruptcy Code that requires it. More about "going to court". (Bankruptcy in Brief)

Also known as the section 341 meeting or first meeting of creditors. This is an opportunity for the trustee and the creditors to question the debtor about its pre- and post-petition activities, assets, debts, etc. An individual debtor appears in person; a corporation is represented by an executive officer; both must answer questions under oath. (Bernstein's Dictionary of Bankruptcy Terminology)

United Glossary of Bankruptcy Terms 2012.

meeting of creditors
Also known as the section 341 meeting or first meeting of creditors. This is an opportunity for the trustee and the creditors to question the debtor about its pre- and post-petition activities, assets, debts, etc. An individual debtor appears in person; a corporation is represented by an executive officer; both must answer questions under oath.

US Bankruptcy 2012.


Glossary of Bankruptcy.

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  • first meeting of creditors — a mandatory meeting between creditors and the debtor. It is usually held within a month of the filing of bankruptcy but often occurs later when the debtor has filed its schedules of financial information (Glossary of Common Bankruptcy Terms) The… …   Glossary of Bankruptcy

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  • creditors' meeting — USA Section 341 meeting. Also known as meeting of creditors, creditors meeting, and first meeting of creditors. The first meeting of creditors required by Section 341 of the Bankruptcy Code at which an executive officer of the debtor is… …   Law dictionary

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  • first meeting of creditors — In bankruptcy, the initial meeting called by the court for the examination of the bankrupt (i.e. debtor). Bankruptcy Code, No. 341 …   Black's law dictionary

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