Legal Definitions - creditors' meeting

A creditors' meeting is a gathering of people who have lent money to someone or a company that is in financial trouble. This meeting is usually held when the borrower files for bankruptcy. The meeting is presided over by a U.S. Trustee and is attended by the creditors and equity security holders. At the meeting, a bankruptcy trustee may be elected, and the borrower may be examined under oath. It is an important meeting to determine how the borrower's debts will be paid back.