Update: Creditors Meetings during Covid 19

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Update: Creditors Meetings during Covid 19

  • Posted by: Tom Murray
  • Category: Business

CCAB(I) have today provided guidance to Insolvency Practitioners on the convening and holding of Creditors Meetings during the Covid-19 pandemic.

In summary, creditors meetings can now be held remotely by telephone and/or video conferencing facilities. This allows appointments to proceed and provide creditors and members with the opportunity to participate in meetings and request any additional information.

As is the case with physical meetings, it is recommended that creditors are asked to register in advance of the virtual meeting so they can be sent details, rather than sending any log-in details with the notice. IPs may also consider emailing a copy of the directors statement of the position of the company’s affairs, list of creditors with estimated claims and any other information being provided to the meeting on the morning of the virtual meeting to those creditors who have submitted proxy forms and requested attendance.

This is welcome technical guidance and advice and enables creditors meetings proceed for those companies which have ceased trading and are in limbo during the lockdown. Crucially it allows a Liquidator be appointed and process claims for unpaid holiday’s, minimum notice and unpaid wages.

I attach a link to the guidance Covid-19

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Author: Tom Murray