Quorum

  1. The number of members of a group or organization required to be present to transact business legally, usually a majority.
  2. At a meeting of creditors a quorum is determined by the trustee and requires a minimum of one creditor who is entitled to vote (either in person or by proxy) and the trustee (or its representative) present. A note to section 64N of the Bankruptcy Act 1966 states that at least two persons must be physically present, that is the trustee (or its representative) cannot also be the proxy or attorney of the creditor who is entitled to vote.