Title 11 — Bankruptcy
Chapter 3 — Case Administration
§ 341. Meetings of creditors and equity security holders
Statutory text
Within a reasonable time after the order for relief in a case under this title, the United States trustee shall convene and preside at a meeting of creditors.
The United States trustee may convene a meeting of any equity security holders.
The court may not preside at, and may not attend, any meeting under this section including any final meeting of creditors. Notwithstanding any local court rule, provision of a State constitution, any otherwise applicable nonbankruptcy law, or any other requirement that representation at the meeting of creditors under subsection (a) be by an attorney, a creditor holding a consumer debt or any representative of the creditor (which may include an entity or an employee of an entity and may be a representative for more than 1 creditor) shall be permitted to appear at and participate in the meeting of creditors in a case under chapter 7 or 13, either alone or in conjunction with an attorney for the creditor. Nothing in this subsection shall be construed to require any creditor to be represented by an attorney at any meeting of creditors.
Prior to the conclusion of the meeting of creditors or equity security holders, the trustee shall orally examine the debtor to ensure that the debtor in a case under chapter 7 of this title is aware of—
the potential consequences of seeking a discharge in bankruptcy, including the effects on credit history;
the debtor’s ability to file a petition under a different chapter of this title;
the effect of receiving a discharge of debts under this title; and
the effect of reaffirming a debt, including the debtor’s knowledge of the provisions of section 524(d) of this title.
Notwithstanding subsections (a) and (b), the court, on the request of a party in interest and after notice and a hearing, for cause may order that the United States trustee not convene a meeting of creditors or equity security holders if the debtor has filed a plan as to which the debtor solicited acceptances prior to the commencement of the case.
Legislative history
Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.
Pub. L. 95–598 · 92 Stat. 2549
Enacted · 11 U.S.C. § 341
Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2564
Source evidence
Code source credit
Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2564Bankruptcy Judges, United States Trustees, and Family Farmer Bankruptcy Act of 1986
Pub. L. 99–554 § 212(1) · 100 Stat. 3088
Substituted · 11 U.S.C. § 341(a)
Pub. L. 99–554, § 212(1), substituted “the United States trustee shall convene and preside at a meeting of creditors” for “there shall be a meeting of creditors”
Source evidence
Code amendment note
Subsec. (a). Pub. L. 99–554, § 212(1), substituted “the United States trustee shall convene and preside at a meeting of creditors” for “there shall be a meeting of creditors”.Enacted provision · exact public law section
(1) in subsection (a) by striking out “there shall be a meeting of creditors” and inserting in lieu thereof “the United States trustee shall convene and preside at a meeting of creditors”,Bankruptcy Judges, United States Trustees, and Family Farmer Bankruptcy Act of 1986
Pub. L. 99–554 § 212(2) · 100 Stat. 3088
Substituted · 11 U.S.C. § 341(b)
Pub. L. 99–554, § 212(2), substituted “United States trustee may convene” for “court may order”
Source evidence
Code amendment note
Subsec. (b). Pub. L. 99–554, § 212(2), substituted “United States trustee may convene” for “court may order”.Enacted provision · exact public law section
(2) in subsection (b) by striking out “court may order” and inserting in lieu thereof “United States trustee may convene”, andBankruptcy Judges, United States Trustees, and Family Farmer Bankruptcy Act of 1986
Pub. L. 99–554 § 212(3) · 100 Stat. 3088
Inserted · 11 U.S.C. § 341(c)
Pub. L. 99–554, § 212(3), inserted “including any final meeting of creditors”
Source evidence
Code amendment note
Subsec. (c). Pub. L. 99–554, § 212(3), inserted “including any final meeting of creditors”.Enacted provision · exact public law section
(3) in subsection (c) by inserting “including any final meeting of creditors” before the period at the end thereof.Bankruptcy Reform Act of 1994
Pub. L. 103–394 title I § 115 · 108 Stat. 4106
Added · 11 U.S.C. § 341(d)
Pub. L. 103–394 added subsec. (d)
Source evidence
Code amendment note
Subsec. (d). Pub. L. 103–394 added subsec. (d).Enacted provision · exact public law section
SEC. 115. MEETINGS OF CREDITORS AND EQUITY SECURITY HOLDERS. Section 341 of title 11, United States Code, is amended by adding at the end the following: “(d) Prior to the conclusion of the meeting of creditors or equity security holders, the trustee shall orally examine the debtor to ensure that the debtor in a case under chapter 7 of this title is aware of— “(1) the potential consequences of seeking a discharge in bankruptcy, including the effects on credit history; “(2) the debtor’s ability to file a petition under a different chapter of this title; “(3) the effect of receiving a discharge of debts under this title; and “(4) the effect of reaffirming a debt, including the debtor’s knowledge of the provisions of section 524(d) of this title.”.Pub. L. 109–8 § 413 · 119 Stat. 23
Inserted · 11 U.S.C. § 341(c)
Pub. L. 109–8, § 413, inserted at end “Notwithstanding any local court rule, provision of a State constitution, any otherwise applicable nonbankruptcy law, or any other requirement that representation at the meeting of creditors under subsection (a) be by an attorney, a creditor holding a consumer debt or any representative of the creditor (which may include an entity or an employee of an entity and may be a representative for more than 1 creditor) shall be permitted to appear at and participate in the meeting of creditors in a case under chapter 7 or 13, either alone or in conjunction with an attorney for the creditor. Nothing in this subsection shall be construed to require any creditor to be represented by an attorney at any meeting of creditors.”
Source evidence
Code amendment note
Subsec. (c). Pub. L. 109–8, § 413, inserted at end “Notwithstanding any local court rule, provision of a State constitution, any otherwise applicable nonbankruptcy law, or any other requirement that representation at the meeting of creditors under subsection (a) be by an attorney, a creditor holding a consumer debt or any representative of the creditor (which may include an entity or an employee of an entity and may be a representative for more than 1 creditor) shall be permitted to appear at and participate in the meeting of creditors in a case under chapter 7 or 13, either alone or in conjunction with an attorney for the creditor. Nothing in this subsection shall be construed to require any creditor to be represented by an attorney at any meeting of creditors.”Enacted provision · exact public law section
SEC. 413. CREDITOR REPRESENTATION AT FIRST MEETING OF CREDITORS. Section 341(c) of title 11, United States Code, is amended by inserting at the end the following: “Notwithstanding any local court rule, provision of a State constitution, any otherwise applicable nonbankruptcy law, or any other requirement that representation at the meeting of creditors under subsection (a) be by an attorney, a creditor holding a consumer debt or any representative of the creditor (which may include an entity or an employee of an entity and may be a representative for more than 1 creditor) shall be permitted to appear at and participate in the meeting of creditors in a case under chapter 7 or 13, either alone or in conjunction with an attorney for the creditor. Nothing in this subsection shall be construed to require any creditor to be represented by an attorney at any meeting of creditors.”.Effective date note
Amendment by Pub. L. 109–8 effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as a note under section 101 of this title.Pub. L. 109–8 § 402 · 119 Stat. 23
Added · 11 U.S.C. § 341(e)
Pub. L. 109–8, § 402, added subsec. (e)
Source evidence
Code amendment note
Subsec. (e). Pub. L. 109–8, § 402, added subsec. (e).Enacted provision · exact public law section
SEC. 402. MEETINGS OF CREDITORS AND EQUITY SECURITY HOLDERS. Section 341 of title 11, United States Code, is amended by adding at the end the following: “(e) Notwithstanding subsections (a) and (b), the court, on the request of a party in interest and after notice and a hearing, for cause may order that the United States trustee not convene a meeting of creditors or equity security holders if the debtor has filed a plan as to which the debtor solicited acceptances prior to the commencement of the case.” .Effective date note
Amendment by Pub. L. 109–8 effective 180 days after Apr. 20, 2005, and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as a note under section 101 of this title.
6 of 7 references resolved to an enrolled provision · 1 partial
Notes
Historical and Revision Notes
legislative statements
Section 341(c) of the Senate amendment is deleted and a contrary provision is added indicating that the bankruptcy judge will not preside at or attend the first meeting of creditors or equity security holders but a discharge hearing for all individuals will be held at which the judge will preside.
senate report no. 95–989
Section [Subsection] (a) of this section requires that there be a meeting of creditors within a reasonable time after the order for relief in the case. The Bankruptcy Act [former title 11] and the current Rules of Bankruptcy Procedure provide for a meeting of creditors, and specify the time and manner of the meeting, and the business to be conducted. This bill leaves those matters to the rules. Under section 405(d) of the bill, the present rules will continue to govern until new rules are promulgated. Thus, pending the adoption of different rules, the present procedure for the meeting will continue.
Subsection (b) authorizes the court to order a meeting of equity security holders in cases where such a meeting would be beneficial or useful, for example, in a chapter 11 reorganization case where it may be necessary for the equity security holders to organize in order to be able to participate in the negotiation of a plan of reorganization.
Subsection (c) makes clear that the bankruptcy judge is to preside at the meeting of creditors.
Editorial Notes
Amendments1986–2005 · 3 rounds
2005
Subsec. (c). Pub. L. 109–8, § 413, inserted at end “Notwithstanding any local court rule, provision of a State constitution, any otherwise applicable nonbankruptcy law, or any other requirement that representation at the meeting of creditors under subsection (a) be by an attorney, a creditor holding a consumer debt or any representative of the creditor (which may include an entity or an employee of an entity and may be a representative for more than 1 creditor) shall be permitted to appear at and participate in the meeting of creditors in a case under chapter 7 or 13, either alone or in conjunction with an attorney for the creditor. Nothing in this subsection shall be construed to require any creditor to be represented by an attorney at any meeting of creditors.”
Subsec. (e). Pub. L. 109–8, § 402, added subsec. (e).
1994
Subsec. (d). Pub. L. 103–394 added subsec. (d).
1986
Subsec. (a). Pub. L. 99–554, § 212(1), substituted “the United States trustee shall convene and preside at a meeting of creditors” for “there shall be a meeting of creditors”.
Subsec. (b). Pub. L. 99–554, § 212(2), substituted “United States trustee may convene” for “court may order”.
Subsec. (c). Pub. L. 99–554, § 212(3), inserted “including any final meeting of creditors”.
Statutory Notes and Related Subsidiaries
Effective Date of 2005 Amendment
Amendment by Pub. L. 109–8 effective 180 days after , and not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, see section 1501 of Pub. L. 109–8, set out as a note under section 101 of this title.
Effective Date of 1994 Amendment
Amendment by Pub. L. 103–394 effective , and not applicable with respect to cases commenced under this title before , see section 702 of Pub. L. 103–394, set out as a note under section 101 of this title.
Effective Date of 1986 Amendment
Effective date and applicability of amendment by Pub. L. 99–554 dependent upon the judicial district involved, see section 302(d), (e) of Pub. L. 99–554, set out as a note under section 581 of Title 28, Judiciary and Judicial Procedure.
Participation by Bankruptcy Administrator at Meetings of Creditors and Equity Security Holders
Pub. L. 103–394, title I, § 105, , 108 Stat. 4111, provided that:
“(a) Presiding Officer.—
A bankruptcy administrator appointed under section 302(d)(3)(I) of the Bankruptcy Judges, United States Trustees, and Family Farmer Bankruptcy Act of 1986 (28 U.S.C. 581 note; Public Law 99–554; 100 Stat. 3123), as amended by section 317(a) of the Federal Courts Study Committee Implementation Act of 1990 (Public Law 101–650; 104 Stat. 5115), or the bankruptcy administrator’s designee may preside at the meeting of creditors convened under section 341(a) of title 11, United States Code. The bankruptcy administrator or the bankruptcy administrator’s designee may preside at any meeting of equity security holders convened under section 341(b) of title 11, United States Code.
“(b) Examination of the Debtor.—
The bankruptcy administrator or the bankruptcy administrator’s designee may examine the debtor at the meeting of creditors and may administer the oath required under section 343 of title 11, United States Code.”
Credits
1978–2005 · 4 acts
- 1978Pub. L. 95–598, , 92 Stat. 2564
- 1986Pub. L. 99–554, title II, § 212, , 100 Stat. 3099
- 1994Pub. L. 103–394, title I, § 115, , 108 Stat. 4118
- 2005Pub. L. 109–8, title IV, §§ 402, 413, , 119 Stat. 104, 107.
Show as published
(Pub. L. 95–598, , 92 Stat. 2564; Pub. L. 99–554, title II, § 212, , 100 Stat. 3099; Pub. L. 103–394, title I, § 115, , 108 Stat. 4118; Pub. L. 109–8, title IV, §§ 402, 413, , 119 Stat. 104, 107.)