[Your Name] [Your Address] [City, State, ZIP] [Email Address] [Phone Number] [Date] [Recipient's Name] [Recipient's Address] [City, State, ZIP] Subject: Sample Letter for Application of Unsecured Creditors for an Order Authorizing Employment of Investment Banker Dear [Recipient's Name], I hope this letter finds you well. I am writing to formally request the authorization of employment for an investment banker on behalf of the unsecured creditors of [Company Name]. As you are aware, [Company Name] is undergoing financial distress, and it is crucial to engage the expertise of an investment banker to protect the interests of the unsecured creditors during the restructuring process. Our proposed investment banker, [Investment Banker's Name], comes highly recommended, possessing a strong track record in providing financial advisory services to distressed companies. They have extensive experience in assisting companies in financial distress, ensuring an efficient and productive outcome for all parties involved. The primary objectives of engaging an investment banker include: 1. Maximizing Recovery for Unsecured Creditors: [Investment Banker's Name] will employ their expertise to explore all possible avenues and strategies to maximize the recovery for unsecured creditors, taking into account the unique circumstances of [Company Name] and the creditors' best interests. 2. Implementing a Comprehensive Restructuring Plan: [Investment Banker's Name] will collaborate with key stakeholders to develop a comprehensive restructuring plan that addresses the financial challenges faced by [Company Name]. This plan will aim to restore profitability and stabilize the company's operations to ensure its long-term viability. 3. Facilitating Communication and Negotiation: The investment banker will act as a liaison between the unsecured creditors, other stakeholders, and [Company Name], ensuring transparent communication and effective negotiation to achieve a mutually beneficial outcome. 4. Conducting Due Diligence: [Investment Banker's Name] will perform a thorough analysis of [Company Name]'s financial statements, operations, and potential restructuring options. This diligence will enable them to offer well-informed advice and guidance to the unsecured creditors during negotiations and decision-making processes. To successfully carry out these responsibilities, it is imperative that an order be issued authorizing the employment of [Investment Banker's Name] as the investment banker for the unsecured creditors. This measure will ensure that all parties involved have the necessary legal structure and support to expedite the restructuring process while safeguarding the interests of the unsecured creditors. We kindly request your prompt attention to this matter and urge you to grant the order authorizing the employment of [Investment Banker's Name] without delay. The cooperation of the court in this important decision will significantly contribute to the successful resolution of [Company Name]'s financial distress and the maximization of the unsecured creditors' recovery. Thank you for considering our request. We sincerely appreciate your attention and are available to provide any additional information or documentation that may be required. We look forward to a swift resolution and a positive outcome for all stakeholders. Yours sincerely, [Your Name]
Connecticut Sample Letter for Application of Unsecured Creditors for an Order Authorizing Employment of Investment Banker
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FAQ
Creditors' Rights for Unsecured Claims As an unsecured creditor, you can file a proof of claim, attend the first meeting of creditors, and file objections to the discharge. You can review the bankruptcy papers that were filed to determine whether there are any inaccuracies.
Meanwhile, repayment to unsecured creditors is generally dependent on bankruptcy proceedings or successful litigation. An unsecured creditor must first file a legal complaint in court and obtain a judgment before proceeding with collection through wage garnishment and other types of liquidated borrower-owned assets.
In the event of the bankruptcy of the debtor, the unsecured creditors usually obtain a pari passu distribution out of the assets of the insolvent company on a liquidation in ance with the size of their debt after the secured creditors have enforced their security and the preferential creditors have exhausted ...
Some assets may have multiple liens placed upon them; in these cases, the first lien has priority over the second lien. Unsecured creditors are divided between preferred and non-preferred, as certain unclaimed creditors like employees and tax agencies are given priority.
Unsecured creditors can include suppliers, customers, HMRC and contractors. They rank after secured and preferential creditors in an insolvency situation. Preferential creditors are generally employees of the company, entitled to arrears of wages and other employment costs up to certain limits.
The difference between your income on Schedule I and your expenses on Schedule J will be your Chapter 13 plan payment. Your unsecured creditors will receive a percentage of the disposable income remaining after secured and priority creditors receive payment.
General unsecured creditors get paid on a pro rata basis. They'll all receive the same percentage of the balance owed. However, as long as you act in good faith, you may selectively pay nonpriority claims, in effect favoring some creditors over others.
Creditors in bankruptcy cases have debts paid either by waiting for a distribution from the estate (unsecured creditors), by reclaiming property from the bankruptcy estate (secured creditors), or by obtaining a judgment that the debt is not dischargeable.
Further, the unsecured credit or debt so obtained or incurred is payable as an administrative expense in the case, which means that those creditors get paid ahead of all other unsecured creditors. Court approval is required prior to obtaining or incurring any other type of credit or debt during the case.
In general, secured creditors have the highest priority followed by priority unsecured creditors. The remaining creditors are often paid prior to equity shareholders.
