Resolutions of creditors-bankruptcy, Financial Accounting


Normally, decisions at meetings of creditors are taken by ordinary resolution, viz., a resolution passed by a simple majority in value of creditors present, personally or by proxy, and voting on the resolution.

A special resolution, viz., a resolution passed by a simple majority in number and three-fourths in value of the creditors present and voting, is required:

(a) To appoint a trustee other than the Official Receiver in a small bankruptcy;
(b) To make an allowance to the bankrupt in a form other than money;
(c) To require the Official Receiver to remove a special manager.

Posted Date: 12/13/2012 12:12:45 AM | Location : United States

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