9:36
to be fair this accurately represents my mental state
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LSDefine
Simple English definitions for legal terms
creditors' meeting
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A quick definition of creditors' meeting:
A creditors' meeting is a gathering of people who have lent money to someone or a company that is in financial trouble. This meeting is usually held when the borrower files for bankruptcy. The meeting is presided over by a U.S. Trustee and is attended by the creditors and equity security holders. At the meeting, a bankruptcy trustee may be elected, and the borrower may be examined under oath. It is an important meeting to determine how the borrower's debts will be paid back.
A more thorough explanation:
A creditors' meeting is a gathering of a debtor's creditors and equity security holders, presided over by the U.S. Trustee, to discuss matters related to bankruptcy. This meeting is the first one held and is where a bankruptcy trustee may be elected and the debtor may be examined under oath.
For example, if a person files for bankruptcy, they will have to attend a creditors' meeting where their creditors will be present to discuss the situation and determine the next steps.