First Meeting of Creditors Law and Legal Definition
First meeting of creditors refers to the meeting of creditors of a bankrupt, to be held not less than ten and not more than thirty days after the adjudication. It is held for the allowance of claims of creditors, the examination of the bankrupt, the election of a trustee in bankruptcy, and such other matters as may be pertinent and necessary for the promotion of the best interests of the estate.
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. The term first meeting of creditors designated the type of creditors' meeting, not the first convening of such meeting. [In re Molitor, 395 B.R. 197 (Bankr. S.D. Ga. 2008)].