Cap. 631 Art. 27Review of ranking of claims and formation of classes by creditors.

(1) Within thirty (30) daysfrom his appointment, the insolvency practitioner shall convene a meeting of the creditors of the debtor, for the purpose of:

(a) laying before them for their information and review, a comprehensive ranking of the claims against the debtor;

(b) laying before them for their information and review, a list of the affected parties and the classes into which the affected parties have been organised; and

(c) allowing the creditors to request further information as to the financial situation of the debtor and the expectations of the debtor with respect to the outcome of preventive restructuring.

(2) No less than seven (7) days’notice shall be given of the holding of the meeting of the creditors of the debtor, and the insolvency practitioner may also send a copy of the notice convening the meeting to any officials of the debtor or other persons as may be relevant to the content of the meeting.

(3) The insolvency practitioner shall publish notice of the meeting of the creditors in two (2) daily newspapers circulating wholly or mainly in Malta, one published in Maltese and the other in English, at the expense of the debtor, not later than seven (7) days before the holding of the meeting:

Provided that the notice to be published in a newspaper may, subject to the alignment of the applicable time-periods, be comprised within the notice to be published in terms of article 12(2).

(4) The insolvency practitioner shall undertake to ensure that any notice convening the meeting of creditors in terms of this article shall also be given to known creditors residing or based abroad.