Companies Act 2014 section 587

Meeting of creditors

Section 587 sets out the requirements for convening and conducting a meeting of creditors when a company is entering a creditors' voluntary winding up.

• The creditors' meeting must be held on the same day or the day after the members' meeting that proposes the winding up resolution, with at least 10 days' written notice sent to each creditor and advertised in two daily newspapers.
• The notice must include the meeting details, the proposed liquidator's name and address, information about creditors' right to appoint a committee of inspection, and either a list of creditors or details of how to access the list.
• The directors must present a full statement of the company's affairs together with a list of creditors and their estimated claims, and must appoint one of their number to chair the meeting.
• Failure by the company or its officers to comply with any of these requirements is a category 3 offence.