North Carolina Reorganization of corporation as a Massachusetts business trust with plan of reorganization
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How to fill out Reorganization Of Corporation As A Massachusetts Business Trust With Plan Of Reorganization?
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FAQ
Although a company may emerge from bankruptcy as a viable entity, generally, the creditors and the bondholders become the new owners of the shares. In most instances, the company's plan of reorganization will cancel the existing equity shares.
Under Chapter 11 bankruptcy, a business or person generally gets to keep most of their assets, though the debtor could propose to sell many of their assets as part of the reorganization plan. In fact, a business owner could choose to sell the entire business under Chapter 11 bankruptcy.
Even with recently streamlined procedures, small business bankruptcy is a time-consuming and complex process, and it can also involve significant financial risks and costs. That being said, Chapter 11 may be the best option for your small business to survive and continue operating.
This chapter of the Bankruptcy Code generally provides for reorganization, usually involving a corporation or partnership. A chapter 11 debtor usually proposes a plan of reorganization to keep its business alive and pay creditors over time. People in business or individuals can also seek relief in chapter 11.
There are no specified limits on the length of a Chapter 11 plan. A Chapter 11 plan must be long enough to convince the court and creditors that the debtor is making a good faith effort to pay as much of its debt as is realistically possible.
You will need to work in conjunction with the lawyer or firm to prepare your petition by completing a list of all of your company's assets, debts, income, and expenses with a summary of your finances. When ready, the petition can be filed with the bankruptcy clerk's office.
The discharge received by an individual debtor in a Chapter 11 case discharges the debtor from all pre-confirmation debts except those that would not be dischargeable in a Chapter 7 case filed by the same debtor.
A plan of reorganization proposing that original equity holders maintain all or some of their original equity interests, notwithstanding non-acceptance of the plan by a class of unsecured creditors, by contributing ?new value? to the debtor.