General Meeting of Creditors

The general meeting of creditors, also known as the 341 meeting, is a mandatory hearing held at the beginning of a bankruptcy proceeding. It is named after Section 341 of the Bankruptcy Code, which requires this meeting to be conducted. 12

Purpose of the Meeting

• Examination of Debtor: The primary purpose of the 341 meeting is to examine the debtor's financial position and confirm the facts stated in the bankruptcy filing. The debtor must attend and answer questions under oath from the trustee or a representative of the U.S. Trustee's Office. 23
• Verification of Information: The meeting is used to verify that the information contained in the bankruptcy papers is accurate and complete. The trustee will ask a series of routine questions to ensure the debtor has disclosed all assets and listed all creditors correctly. 45

Attendance Requirements

• Debtor's Attendance: The debtor must attend the 341 meeting in person (or virtually, as per recent implementations). If the debtor is a corporation or partnership, a responsible officer of the business must attend along with the debtor's attorney. 36
• Creditor Participation: Creditors are not required to attend but may do so to ask questions about the debtor's financial affairs. However, their participation is rare unless they suspect fraud or have specific concerns. 25

Procedure

• Scheduling: The meeting is usually scheduled between 20 and 60 days after the bankruptcy filing. The court sends a notice of the meeting to the debtor and all listed creditors. 35
• Conduct of the Meeting: The trustee conducts the meeting, asking standard questions such as whether the debtor reviewed and signed the bankruptcy petition, disclosed all assets, and listed all creditors. Creditors may also ask questions, but lengthy examinations are typically continued to another day. 45

Recent Developments

• Virtual Meetings: The U.S. Trustee Program has implemented virtual 341 meetings via Zoom for all Chapter 7, 12, and 13 cases in all USTP jurisdictions, aiming to increase participation and efficiency. 6