Special Meeting Of Creditors In Pima - Notice of Special Meeting of Board of Directors - Corporate Resolutions
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A 341 Hearing is also referred to as a 341 Meeting of Creditors. This means, just as the title suggests, that your creditors have the opportunity to appear at this hearing. Any that choose to come can ask you questions about your bankruptcy petition. Your bankruptcy trustee will also be there to ask similar questions.
The creditors of the company must be given at least 10 days' notice of the creditors' meeting. Notice of the meeting must also be advertised in two daily newspapers circulating in the area of the registered office of the company or the area in which the company carried on business.
However, you should also treat the trustee with respect and courtesy by being prepared for your hearing and truthful in your responses. In most cases, 341 Meeting horror stories happen because a person hired an inexperienced bankruptcy attorney, files bankruptcy without a lawyer, or hires a lousy attorney.
Creditors might attend as well, although in many bankruptcy cases creditors do not show up. The trustee will swear you in and ask a series of questions under oath. If satisfied, the trustee will conclude the hearing. Otherwise, the trustee will continue it until another day.
The meeting of creditors (also called the 341 hearing) is a mandatory hearing almost all bankruptcy debtors must attend. At the 341 hearing, creditors have the right to ask questions about your bankruptcy papers and financial affairs under oath. But in most cases, creditors rarely attend 341 hearings.
During this meeting, you must answer questions posed by the trustee to confirm your identity and financial disclosures. Now, in most consumer cases, creditors don't attend the 341 meeting, even though it's called the meeting of creditors.
This meeting of creditors is a critical part of the bankruptcy process, and it's normal to feel some concern. Many people experience 341 meeting anxiety, worrying about what will happen, if creditors will attend, and whether they'll say the wrong thing. But don't worry—it's not as overwhelming as it might seem.
A resolution professional may convene a meeting of the committee as and when he considers necessary, and shall convene a meeting if a request to that effect is made by members of the committee representing thirty three per cent of the voting rights. Substituted vide IBBI Notification dated 15.02.
