Business and Personal Finance Dictionary

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• FIRST MEETING OF CREDITORS
  
  The meeting called by the Trustee in Bankruptcy to consider the affairs of the bankrupt or a debtor under a proposal. NOTE: Under the Bankruptcy and Insolvency Act, as amended on September 30, 1997, there is not a meeting of creditors required for simple personal bankruptcy cases, unless the Superintendent of Bankruptcy or creditors holding 25% of the proven claims request one.
  
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