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Liquidation /Creditors’ Committees and Commissioners; A Guide for Creditors

SIP 15 requires office holders to ensure that those considering nomination to committees and those who are elected to committees are provided with sufficient information for them to consider nomination and to be able to carry out their duties and functions. Office holders are also required to advise creditors in writing how they may access suitable information on the role of the committee prior to any election of committee members.
 
R3 have produced this guide, in conjunction with the RPBs, to assist IPs in fulfilling the requirements imposed by SIP 15.
 
The guide will provide creditors with:
 
- An understanding of the role of the Committee in insolvency proceedings
- Information on how Committees are formed; and
- Guidance on what might be expected for them should they choose to serve as
        a Committee member.
 
This will enable creditors to make an informed decision as to whether they wish to seek to form a Committee or to nominate themselves to serve on a Committee.