We have seen a number of instances both at practices and as a result of adverts seen in the Gazette where liquidators are holding both annual and final meetings of creditors and/or members on the same day. This is unnecessary.
The purpose of annual meetings is to ensure that there is some involvement of creditors and/or members post appointment and to ensure that they are updated on the liquidation if it lasts for longer than 12 months. However, there is no point in holding an annual meeting to update creditors and/or members if it is just to say that you have finished the liquidation!
Whilst not exactly clear from the legislation, the monitors accept that if notices convening the final meetings of creditors and/or members are issued within 3 months of the anniversary of the liquidation, being the timescale within which to convene an annual meeting, then there is no need to hold an annual meeting for that year. In other words the final meeting takes the place of the annual meeting.
