When a bankruptcy occurs, the creditors play a central role in the administrative control of the bankrupt’s estate. In this regard, the Bankruptcy and Insolvency Act provides that, at the first meeting of creditors, the creditors must, among other things, affirm the appointment of the trustee and give such directions to the trustee as they see fit with reference to the administration of the estate. The creditors will also appoint up to five inspectors to monitor the bankrupt’s estate or they can agree not to appoint any inspectors.
