This form is a ballot for accepting or rejecting a plan. The creditors of the debtor may use this form to either accept or reject the reorganization plan. This form is data enabled to comply with CM/ECF electronic filing standards. This form is for post 2005 act cases.
Maryland Ballot for Accepting or Rejecting Plan of Reorganization - Form 14 - Pre and Post 2005 Act
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The bankruptcy court and creditors must approve the plan before it can become effective and be executed. For more information on plans of reorganization, see Practice Notes, Drafting Chapter 11 Plans: Overview and Chapter 11 Plan Process: Overview and Timeline of the Chapter 11 Plan Process.
The Plan of Reorganization (POR) is a document containing the post-emergence turnaround plan drafted by the debtor after negotiating with creditors.
In order to obtain approval of a plan of reorganization, all claims against the debtor are divided into classes of creditors, e.g., secured, priority, etc. A plan will generally be approved if it is accepted by creditors representing at least two-thirds in amount and one-half of all claims, within each class.
Voting on the Chapter 11 Plan All impaired classes are entitled to vote on the plan of reorganization.
A plan of reorganization is proposed, creditors whose rights are affected may vote on the plan, and the plan may be confirmed by the court if it gets the required votes and satisfies certain legal requirements.