The meeting starts by discussing issues related to the different panels, and their relationship with one another and with the committee. At the start the Committee had a general discussion about the scope of their review. It concluded that there should be an examination of the philosophy of insolvency law, and then decided whether the current principles needed to be changed.

The meeting then highlighted its strategy and approach on consultative letters. The Committee then went on to discuss receivership. It highlighted a number of basic observations about the current system of receivership, and then made a number of suggestions regarding the rights of receivers and creditors.

Meeting 1 - 25-2-77