by Joe O'Malley , Michael Kelly April-24-2020 in Litigation & Dispute Resolution, Insolvency & Restructuring, COVID-19

On 16 April 2020 the Insolvency Committee of the Consultative Committee of Accountancy Bodies – Ireland issued guidance for insolvency practitioners in relation to the holding of meetings of creditors under Section 587 and other meetings of members and creditors during the COVID-19 pandemic by way of Technical Alert 01/2020.

In short the Technical Alert advises that Section 587 meetings and other meetings of members and creditors should be held remotely by telephone and/or by video conferencing to allow appointments to proceed and to provide creditors and members with the opportunity of participating meetings and request any additional information.

There is no prescriptive method provided, rather the telephone or video conferencing to be carried out is dependent on the facilities available to each firm and the creditors in each case.  It is recommended that:

  1. Telephone conferencing is also offered as it cannot be guaranteed that all creditors would have access to the internet. 
  2. Creditors should be asked to register in advance of the meeting so that they can be sent details, rather than sending any log in details with the notice, to ensure that an accurate record of who is present can be kept.
  3. Insolvency practitioners should consider emailing a copy of any documents or other information being provided to the meeting to the attendees on the morning of the virtual meeting.

The Technical Alert also provides suggested wording for insertion in the insolvency practitioner’s Section 587 Notice, the Section 587 Statutory Notice and notice for annual meetings.

 

If you have any questions in relation to the holding or attending of creditors meetings or any other insolvency related matters, please contact Michael Kelly mjkelly@hayes-solicitors.ie or Joe O’Malley jomalley@hayes-solicitors.ie of Hayes Solicitors.

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