Dewey's UK staff to 'examine' firm at NYC creditors' meeting

Dewey’s bankruptcy counsel Togut Segal & Segal has sent UK employees a notice of a creditors’ meeting next Wednesday (15 August) at 1pm New York time at 80 Broad Street at which those present can “examine the debtor”, with staff also invited to file forms claiming money from the firm.

The standard letter, dated 25 July, states: “A representative of the debtor […] is required to appear at the Section 341 meeting of creditors on the date and at the place set forth below to be examined under oath. Attendance by creditors at the meeting is welcomed, but not required.

“At the meeting, creditors may examine the debtor and transact other business as may properly come before the meeting. The meeting may be continued or adjourned from time to time by notice at the meeting, without further written notice to creditors.”

Former UK staff have also been issued with claim forms, with recipients told they must file a proof of claim by post to the defunct firm’s claims agent. Creditors have been given until 5pm New York time on 7 September to file their claim.

In the letter dated 30 July that included the claim form creditors were told they must file proof of claims if theirs had not already been recognised. Claims can only be filed by post, and not by fax or email.

However, the firm’s UK LLP, a separate entity covering London and Paris, is unlikely to yield some cash for ex-employees, with up to £420,000 available for distribution, but it is unclear how much will be left after costs (30 July 2012). No creditors meeting was set to be called at the time of the UK administrators’ filing of proposals last week, with the case set to enter a creditors’ voluntary liquidation.