Massachusetts Sample Letter for Application of Unsecured Creditors for an Order Authorizing Employment of Investment Banker Date: [Insert Date] [Your Name] [Your Address] [City, State, ZIP Code] [Bankruptcy Court] [Address] [City, State, ZIP Code] Re: Application of Unsecured Creditors for an Order Authorizing Employment of Investment Banker Dear [Bankruptcy Court], I am writing to you on behalf of the unsecured creditors in the bankruptcy case of [Debtor's Name], listed under case number [Case Number]. As per our discussions during the recent unsecured creditors' meeting, we hereby submit our application for an order authorizing the employment of an investment banker to assist us in maximizing the recovery of our claims. We, the unsecured creditors, recognize the value and importance of having an experienced investment banker on board. It is crucial to have a professional with comprehensive knowledge of the financial markets and expertise in dealing with complex bankruptcy matters. The employment of an investment banker will play a critical role in formulating and executing a successful strategy to maximize the recovery of our claims and ensure the fair distribution of assets. In light of this, we would like to propose the engagement of [Investment Banker Firm's Name] as our preferred choice to serve as the investment banker for the unsecured creditor's committee. [Investment Banker Firm's Name] has an outstanding track record in handling bankruptcy cases and has successfully assisted numerous creditor committees in improving recoveries for unsecured claims. The services we expect the investment banker to provide include, but are not limited to: 1. Evaluation of the debtor's financial condition and assets 2. Assessment of the potential recovery from the debtor's estate 3. Identification of potential buyers or investors for the debtor's assets 4. Development of a comprehensive recovery plan 5. Assistance in negotiating and structuring potential transactions 6. Analysis and recommendation concerning the proposed debtor-in-possession financing arrangements 7. Evaluation of the viability of the debtor's proposed reorganization plan 8. Monitoring the debtor's compliance with the approved reorganization plan 9. Evaluation and advice regarding potential objections to the plan In light of the importance of these services, we respectfully request that the court grant an order authorizing the employment of [Investment Banker Firm's Name] as our investment banker in the bankruptcy proceedings of [Debtor's Name]. We believe their expertise and experience will significantly benefit the unsecured creditors' committee, assisting in achieving the best possible outcome for all parties involved. We have attached a copy of the proposed engagement letter with [Investment Banker Firm's Name], which outlines the terms, conditions, and compensation structure for their services. Furthermore, we have also provided a brief overview of the firm's qualifications and experience in handling similar cases. Thank you for considering our application. We trust that the court will recognize the necessity of the engagement of an investment banker and appreciate your prompt attention to this matter. Sincerely, [Your Name] [Your Title] [Contact Information] cc: [Unsecured Creditor's Committee] [Debtor's Legal Counsel] [Trustee] [United States Trustee]
Massachusetts Sample Letter for Application of Unsecured Creditors for an Order Authorizing Employment of Investment Banker
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FAQ
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 ...
In general, secured creditors have the highest priority followed by priority unsecured creditors. The remaining creditors are often paid prior to equity shareholders.
Some of the most common types of unsecured creditors include credit card companies, utilities, landlords, hospitals and doctor's offices, and lenders that issue personal or student loans (though education loans carry a special exception that prevents them from being discharged).
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.
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.
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.
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.
