Virtual creditor meetings: a change for the good

‘In some cirumstances, there can be no susbstitution for face to face contact
with creditors – especially if they are employees, investors or customers who
may have lost money. However, these new rules should help us to ensure we speak
to as many creditors as possible and will allow creditors to access information
in real time as well as allow us to post regular updates

‘At PwC we have been innovating with our use of IT for administrations. We
have set up websites for big cases with many affected stakeholders such as
Lehmans and Keydata and we have also used these websites to webcast to creditors
who cannot make a creditors meeting – such as the many farmers we communicated
with on Dairy Farmers of Britain.

‘In jobs where money is a constraint, using the internet to run a creditors’
meeting could also save money and using the web to communicate with creditors is
undoubtedly more enviromentally friendly (creditors reports tend to be very long
and use a lot of paper).

‘We welcome these new rules and look forward to using innovative IT solutions
like this to bring insolvency into the 21st century’

Mike Jervis, restructuing partner PwC. Has worked on Enron and Lehman
Brothers administrations

Further reading:

meetings could save creditors’ cash and IPs bruises

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