Official Chapter 11 Within
Description
How to fill out List Of Creditors Holding 20 Largest Secured Claims - Not Needed For Chapter 7 Or 13 - Form 4 - Post 2005?
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FAQ
Background. A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains ?in possession,? has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.
Voting on the plan. The creditors will then vote on the Plan of Reorganization. Once the creditors vote in favor of the plan, the Bankruptcy Court will confirm the plan, and the debtor will then ?emerge? from the Chapter 11 case.
In the Chapter 11 case filed by a corporation, limited liability company, or other nonindividual, the debtor receives a discharge when a plan is confirmed by the court. The order of the court that confirms the plan also contains the debtor's Chapter 11 discharge.
Chapter 11 is an opportunity for a business to pause in paying creditors while coordinating a plan to reorganize and become profitable. Doing so can maximize value for creditors. However, it may be determined that assets of the business or the business itself must be sold.
Secured creditors are first in line, as their claims over assets are often secured by collateral and a contract. Some assets may have multiple liens placed upon them; in these cases, the first lien has priority over the second lien.