Commentary

32 Creditors’ requirement for a physical meeting

BANKRUPTCY AND INSOLVENCY (INDIVIDUAL INSOLVENCY) vol 3(2)
| Commentary

32 Creditors’ requirement for a physical meeting

| Commentary

32 Creditors’ requirement for a physical meeting

In any decision procedure that the office holder may choose1, a sufficient minority (called the ‘minimum number’) of creditors may require a physical meeting to be called. The minimum number is determined by the ‘rule of tens’: it must be either:

  1. 32.1

        10% in value of the creditors; or

  2. 32.2

        10% in number of the creditors; or

  3. 32.3

        10 creditors.

Any of these suffices; they are alternatives2.

If a physical meeting is called because the rule of tens has been duly invoked or because it is in any event

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