a committee appointed by the creditors of a company in relation to which an Administration Order has been made, which assist the Administrator with his duties.
a committee comprising representatives of the creditors in a Chapter 11 proceeding, formed to negotiate the debtor's plan of reorganization; generally, a committee has no fewer than 3 and no more than 11 members and serves as an advisory body.
A statutory requirement of Chapter 11 is to appoint such a committee to make possible pooling the twenty largest unsecured creditors, to allow action as a group to save expenses.
A voluntary group, representative of the creditors of record, prevalent in Chapter 11 bankruptcies, installed and formed to examine the affairs and ongoing function of an insolvent debtor company. A neutral body organized to monitor, advise and ensure an equitable return to creditors.
A creditors' committee is formed to represent the interests of all creditors in supervising the activities of an administrator or trustee in bankruptcy, or receiving reports from an administrative receiver.
A voluntary representative group of creditors who may examine the affairs of an insolvent debtor, advise as to the acceptability of a settlement, the continuation of a business, study the accountant's and appraiser's reports, act as a "watchdog" over an operating business and make recommendations to the appropriate groups or legal body so that creditors will realize the largest dividend possible.
A creditors' committee is formed to represent the interests of all creditors in supervising the activities of a trustee in bankruptcy. A committee can only be formed to assist a Supervisor of an individual voluntary arrangement although this is rare.
a committee of representatives of a debtor's creditors appointed by the U.S. Trustee. The committee acts on behalf of all creditors on negotiating a plan of reorganization and other major actions. In large, complex cases, there may be more than one such committee.
