In the Wire Company Holdings, Inc. bankruptcy proceeding (Delaware Bankruptcy Case No. 15-12097-LSS), the U.S. Trustee has scheduled a Section 341 Meeting of Creditors for November 17, 2015 at 1:00 p.m. (ET) at the J. Caleb Boggs Federal Building, 844 King Street, Room 5209, Wilmington, DE 19801.
The Section 341 Meeting of Creditors allows creditors to depose the debtor's representative regarding the assets and liabilities of the bankruptcy estate. Creditors may retain counsel to conduct such an examination of the debtor's representative. The Section 341 Meeting of Creditors is an integral component of a bankruptcy proceeding.
General topics that are discussed during a Section 341 meeting may include the following:
- The nature and scope of a debtor's assets and liabilities;
- The amount of accounts receivable and accounts payable;
- The extent that the debtor is able to repay its creditors;
- Whether insurance remains active;
- The condition and location of goods received in the 20-45 days before bankruptcy;
- The debtor's or trustee's plan to reorganize its debt or liquidate its assets;
- The debtor's plan after it emerges from bankruptcy (not applicable to a Chapter 7 debtor);
- Whether the debtor experienced any changes in revenue since filing for bankruptcy; and
- Potential avoidance actions to be commenced by the debtor or trustee.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
