What is a Creditors Meeting?

A creditors meeting is where creditors of an insolvent company are advised of a forthcoming meeting, at least ten days notice, and usually on the same day of the meeting of members at which the resolution for voluntary winding up is to be proposed.

The notice of the meeting is given by way of post and advertisement in two national newspapers. The meeting will take place at a time and place specified in the notice and is usually chaired by one director, who normally will have an adviser with him.

The attending creditors will receive a statement of affairs for the company and the chairman will read a statement of the circumstances which brought forth the meeting.

I have heard a lot about audit exemptions for small entities. What is a “small entity” and who can take advantage of these provisions?

The definition for the Republic of Ireland is:
Any company, which is not an Irish listed company or an affiliate thereof, that meets two or more of the following requirements in both the current financial year and the preceding financial year:
not more than €7.3 million turnover;
not more than €3.65 million balance sheet total;
not more than 50 employees.
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