Creditors meeting

Can anyone tell me please, what happens at a creditors meeting? 

I have been informed that our developers have gone into administration, and the creditors meeting will be held end of july.

I would like to know what sort of form it takes,

can the general public attend or at least those with an interest/claim?

although the solicitor is attending, would it be benefical for me to attend?

how is it decided who gets what?

 does it all take place on one day?

and are the results immediate?

and if, as creditors, it is decided that we get some of our money back, then how long would we have to wait?

Many thanks!

Dear Coleen:

The creditor´s meeting in Spain is not actually a physical meeting but a judicial meeting: you need to communicate your credit against the company and propose a classification to the judicial administrators. If your credit is not classified correctly by the Administrators, you have got the judicial resort too.

Creditor´s meeting procedures try to maintain the life of the company, are quite flexible interms of deadlines and possibilities of intervention and takes time.

Best,

Maria 

Dear Marie,

Very many thanks for your illuminating reply.

It has been extremely useful on very many levels.

I had understood that a creditors meeting was the same as a company having gone bankrupt, now I see this is not the case.

I had also envisaged that the meeting would involve a judge/administrator and all the creditors, or their representatives, brought together in a meeting room.

I had also thought, having been given an exact date for the creditors meeting, that we would get a result quite quickly.  I now see that this is also not the case.

All of this very much helps me have a better picture as to what to expect.

Thanks Marie. 

 Dear Coleen:

Very glad to know!

Best regards,

Maria

Coleen,

please note that the ladies name is Maria, not Marie.

She was kind enough not to mention it.

The courtesy of using a person´s name correctly is paramount in my book!

I am indebted to you, sir!

I shall trust that Maria is also too kind (and too busy) to be offended.