Bankruptcy Act 1966

The trustee of a regulated debtor’s estate must convene a meeting of the creditors if:

where there is a committee of inspection—the committee of inspection directs the trustee to do so; or

the creditors direct the trustee to do so by resolution; or

at least 25% in value of the creditors direct the trustee to do so in writing; or

both of the following are satisfied:

less than 25%, but more than 10%, in value of the creditors direct the trustee to do so in writing;

security for the cost of holding the meeting is given to the trustee before the meeting is convened.

However, the trustee of a regulated debtor’s estate need not comply with the direction if the direction is not reasonable.

The Insolvency Practice Rules may prescribe circumstances in which a direction is, or is not, reasonable.

For the purposes of paragraphs (1)(c) and (d), the value of the creditors is to be worked out by reference to the value of the creditors’ claims against the regulated debtor’s estate that are known at the time the direction is given.