Creditors' meeting

Goldrill

Hello

Quick question (and probably a very silly one - sorry!).

Why is a meeting of creditors called and who is actually likely to turn up?

I've just had a letter to say I will be having one, but don't have to attend. Am worried: I don't really think I was terribly badly at fault, and the OR who dealt with my company liquidation - which caused the BR - seemed to think there was no problem. I also don't have many assets, although do own half a house which they seem to think is worth more than it is (and if it was worth that much I wouldn't have needed to go BR!).

So - is it because of the house or do they think I've done something badly wrong?

Thankyou!

JCS1

I suspect it's to do with the house, how much equity do they think is in it?

As for the creditors meeting, often no-one turns up! A majority creditor can nominate an IP of their choice, otherwise it goes to a vote, but it's often just a paper exercise with nominations received at the time of the creditors meeting.

debtinfo

As above, just wanted to add that a creditors meeting to appoint an IP never has anything to do with conduct, only the OR investigates conduct an IP only deals with the assets and liabilities in a case

Goldrill

Thankyou very much - I shall calm down now!

They think there's £66k equity in the house, of which I own half. Sadly, three valuations a month or so before BR put that at closer to £30k in total. Debts in BR were around £45k and the main creditor had agreed to settle at 40% so if the house was worth anywhere near their value I would not have needed to go for BR. (Ah well - guess they will find all this out when they come to try and sell up!).

That sound likely for an IP appointment?

JCS1

General rule was £10k of assets and an IP was appointed (though the value might have changed in the last few years), so it does look like it's the property.