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Update: Creditors Meetings during the COVID-19 pandemic
New guidance on convening and holding Creditors Meetings during the COVID-19 pandemic has been welcomed by FPM Restructuring Director Gary Digney.
We are here to support the business community operating across the island of Ireland through the COVID 19 pandemic and will endeavour to bring you the information needed to help sustain your business.
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Commenting on a technical alert issued by the Consultative Committee of Accountancy Bodies – Ireland, Gary said that the proposal to allow creditors meetings to be held remotely by telephone and/or video conferencing makes sense during the current crisis.
“The new guidance allows the appointment of liquidators to proceed where companies have ceased trading. Similar guidance was previously issued regarding Article 84 creditors meetings under Northern Ireland legislation. Once appointed, liquidators will be able to process redundancy claims for employees who are likely to be in desperate need of such monies at this time. Insolvency practitioners should encourage creditors to register before the creditors meeting takes place, rather than sending log in details with the formal notice, so that they can participate in the meeting and request any additional information,” Gary said.
Contact Gary Digney for further details.
