Companies Act 2014 section 697

Proceedings at the meeting

Section 697 sets out the rules governing how meetings of creditors, contributories and members are conducted during a liquidation, including adjournment, quorum requirements and rescheduling procedures.

• The chairperson may adjourn a meeting with the consent of those present, and the adjourned meeting must normally resume at the same location unless the adjournment resolution specifies otherwise or a court orders a change of venue.
• A creditors' meeting requires at least three creditors entitled to vote (or all creditors if there are three or fewer), and a contributories' or members' meeting requires at least two such persons, before any substantive business can be transacted.
• If a quorum is not present within 30 minutes of the scheduled start time, the meeting must be adjourned to the same day the following week at the same time and place, or to another day, time or place chosen by the chairperson.
• Where the chairperson selects an alternative date for the rescheduled meeting, it must fall no earlier than 7 days and no later than 21 days after the date of the original meeting.