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Section 53 of Insolvency Act CAP 53: Circumstances in which Official Receiver may decide not to convene first meeting of creditors

    

(1) The Official Receiver may decide not to convene a first creditors' meeting if the Official Receiver—
(a) has sent to each creditor named in the statement of the bankrupt's financial position, and to any other creditor known to the Official Receiver, a notice that complies with section 54; and
(b) has not, within fourteen days after sending the notice, received from a creditor a request to convene such a meeting.
(2) In deciding whether the meeting should or should be convened, the Official Receiver shall have regard to—
(a) the bankrupt's assets and liabilities; (b) the likely result of the bankruptcy; and (c) any other relevant matters.
(3) Within seven days after deciding not to convene a first meeting of creditors, the Official Receiver shall send to each creditor named in the statement of the bankrupt's financial position, and to any other creditor known to the Official Receiver, a notice stating—
(a) the Official Receiver's view that a first creditors' meeting need not be convened;
(b) the reasons for not convening the meeting; and
(c) that the Official Receiver will convene a meeting only if the Official Receiver receives from a creditor, within fourteen days after sending the notice, a request to convene such a meeting.

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Disclaimer: This document is not to be taken as legal advise.

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