Final Meeting of Creditors Law and Legal Definition
Final meeting of creditors refers to meeting of creditors in a bankruptcy proceeding. It will be held, as ordered by the court, whenever the affairs of the estate are ready to be closed. In such a meeting, trustee's statement of administration of the estate, creditor’s accounts, the discharge of the trustee, the closing of the estate, and such other matters as may be required for determination will be considered.
The Bankruptcy Act establishes a scheme involving three types of meetings: (1) the first meeting of creditors; (2) additional special meetings; and (3) final meetings. [In re Molitor, 395 B.R. 197, 201 (Bankr. S.D. Ga. 2008)].
A final meeting of the creditors is required by the Bankruptcy Act whenever the affairs of the estate are ready to be closed. [In re DiGregorio, 187 B.R. 273, 275 (Bankr. N.D. Ill. 1995)].