(l) Within 15 business days after being appointed, the Master must convene, and preside over, a first meeting of creditors, at which –
(a) the Master –
(i) must inform the creditors whether he believes that there is a reasonable prospect of rescuing the company; and
(ii) may receive proof of claims by creditors: and

(b) the creditors may determine whether or not a committee of creditors should be appointed and, if so, may appoint the members of the committee.

(2) The Master must give notice of the first meeting of creditors to every creditor of the company whose name and address is known to, or can reasonably be obtained by, the Master, setting out the –
(a) date, time and place of the meeting; and
(b) agenda for the meeting.

(3) At any meeting of creditors, other than the meeting contemplated in section 141, a decision supported by the holders of a simple majority of the independent creditors’ voting interests voted on a matter, is the decision of the meeting on that matter.

• According to the Insolvency Act [Chapter 6:07]. PART XXIII: Corporate Rescue