creditors' committee
England, Wales
After a company has been placed into administration, a meeting of the company's creditors (usually convened by an administrator shortly after his appointment) can resolve to establish a creditors' committee under Part 2, Section B, Chapter 7 of the Insolvency Rules 1986, which will consist of at least three and no more than five elected creditors of the company.
The purpose of the creditors' committee is to assist the administrator in the discharge of his functions and to determine the administrator's remuneration. The administrator will call the creditors' committee's first meeting within six weeks of its establishment and thereafter it will meet regularly.
+ creditors' committee
The committee appointed by the US Trustee to represent the interests of unsecured creditors in Chapter 11 cases. It ordinarily consists of the seven largest unsecured creditors willing to serve, although the US Trustee has discretion to determine the committee's size and membership. Occasionally, in large Chapter 7 cases, creditors will elect a creditors' committee consisting of between three and 11 unsecured creditors who may consult with the Chapter 7 case trustee about the administration of the estate.
Practical Law Dictionary. Glossary of UK, US and international legal terms. www.practicallaw.com. 2010.
hold-over relief
creditors' committee — A committee of creditors appointed by the Office of the United States Trustee in chapter 11 cases, and sometimes in chapter 7 cases, to specifically represent the interests of the creditors (SA Bankruptcy.com) United Glossary of Bankruptcy Terms… … Glossary of Bankruptcy
creditors' committee — A group representing firms that have claims on a company facing bankruptcy or extreme financial difficulty. Bloomberg Financial Dictionary * * * creditors committee creditors committee ➔ committee * * * creditors committee UK US noun [C] US LAW ► … Financial and business terms
Creditors' Committee — A group of people who represent a company s creditors in a bankruptcy proceeding. The creditors committee is usually further divided between secured and unsecured creditors. The secured creditors committee consists of lenders that have a first… … Investment dictionary
creditors' committee — A committee of creditors of an insolvent company or a bankrupt individual, which represents all the creditors. They supervise the conduct of the administration of a company or the bankruptcy of an individual or receive reports from an… … Big dictionary of business and management
creditors' committee — In bankruptcy, a committee of representative creditors elected (in Chapter 7) or appointed (in Chapter 11) to consult with the bankruptcy trustee or United States Trustee, and to perform other services in the interest of the represented creditors … Black's law dictionary
creditors' committee — / kredɪtəz kəˌmɪti/ noun a group of creditors of a corporation which is being reorganised under Chapter 11, who meet officials of the corporation to discuss the progress of the reorganisation … Dictionary of banking and finance
committee — com‧mit‧tee [kəˈmɪti] noun [countable] a group of people within an organization such as a government, company, or political party who have been chosen or elected in order to do a particular job, take decisions etc: • They will discuss the issue… … Financial and business terms
creditors' committees — can play a major role in chapter 11 cases. The United States trustee, a federal employee to be distinguished from a private case trustee or panel trustee, appoints the committee, which ordinarily consists of unsecured creditors who hold the seven … Glossary of Bankruptcy
committee — The code directs or allows committees to appear and act on behalf of various classes of creditors. Generally, there is a committee of unsecured creditors in a Chapter 11 case. There also may be committees of equity security holders (shareholders) … Glossary of Bankruptcy