In the Egenix bankruptcy proceeding, a formation meeting has been scheduled for Thursday, January 22, 2015 at 10:00 a.m. (ET) at the J. Caleb Boggs Federal Court House, 844 N. King Street, Fifth Fl., Room 5109, Wilmington, DE 19801. Click here for a copy of the Notice of Formation Meeting for Official Committee of Unsecured Creditors issued by the Office of the United States Trustee.
In addition, a Section 341 Meeting of Creditors has been scheduled for Tuesday, January 27, 2015 at 1:00 p.m. (ET) at the J. Caleb Boggs Federal Court House, 844 N. King Street, 2nd Fl., Room 2112, Wilmington, DE 19801. Click here for the notice issued by the Bankruptcy Court.
One way in which creditors can assert their interests is to attend the Section 341 Meeting of Creditors, in order to depose the debtor’s representative regarding the assets and liabilities of the bankruptcy estate. Creditors may retain counsel to conduct such an examination of the debtor’s representative. The Section 341 meeting of creditors is an integral component of a bankruptcy proceeding. Creditors often want to know what information is made available, and what procedures are followed, during a typical meeting of creditors.
General topics that are discussed during a Section 341 meeting can include the following issues:
- The nature of scope of a debtor’s assets and liabilities;
- The amount of accounts receivable and accounts payable;
- To what extent the debtor is able to repay its creditors;
- Whether insurance remains active;
- The condition and location of goods received in the 20 days before bankruptcy;
- The condition and location of goods received in the 45 days before bankruptcy;
- The debtor’s or trustee’s plan to reorganize its debt or liquidate its assets;
- The debtor’s plan after it emerges from bankruptcy (not applicable to a Chapter 7 debtor);
- Whether the debtor experienced any changes in revenue since filing for bankruptcy; and
- Potential avoidance actions to be commenced by the debtor or trustee.
Carl D. Neff is a bankruptcy attorney with the law firm of Fox Rothschild LLP. Carl is admitted in Delaware and regularly practices before the United States Bankruptcy Court for the District of Delaware. You can reach Carl at (302) 622-4272 or at firstname.lastname@example.org.