• What is the first creditors meeting?

    The first creditors meeting is an official meeting that must be held within eight business days of a company entering voluntary administration.

    The first creditors meeting is organised and run by the voluntary administrator, who has a legal duty to publicise the meeting. At least five business days before the meeting, the voluntary administrator must:

    • Notify as many creditors as possible in writing
    • Advertise the meeting on ASIC’s insolvency notices website

    The aim of the first creditors meeting is for the creditors to answer two questions:

    1. Do they want to form a committee of inspection? If so, who should be on the committee?
    2. Do they want to replace the existing voluntary administrator (who would’ve been appointed by the directors) with a voluntary administrator of their own choice?

    Creditors can vote only if they’ve lodged details of their debt or claim with the voluntary administrator.

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