Bankruptcy Act 1966
Note: See section 4A .
PART 3 - GENERAL RULES RELATING TO ESTATE ADMINISTRATIONS
View history note
Hide history noteThe trustee of a regulated debtor ' s estate must convene a meeting of the creditors if: (a) where there is a committee of inspection - the committee of inspection directs the trustee to do so; or (b) the creditors direct the trustee to do so by resolution; or (c) at least 25% in value of the creditors direct the trustee to do so in writing; or (d) both of the following are satisfied:
(i) less than 25%, but more than 10%, in value of the creditors direct the trustee to do so in writing;
(ii) security for the cost of holding the meeting is given to the trustee before the meeting is convened.
75-15(2)
However, the trustee of a regulated debtor ' s estate need not comply with the direction if the direction is not reasonable.
75-15(3)
The Insolvency Practice Rules may prescribe circumstances in which a direction is, or is not, reasonable.
75-15(4)
For the purposes of paragraphs (1)(c) and (d) , the value of the creditors is to be worked out by reference to the value of the creditors ' claims against the regulated debtor ' s estate that are known at the time the direction is given.
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