North Dakota Approval of transfer of outstanding stock with copy of Liquidating Trust Agreement
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How to fill out Approval Of Transfer Of Outstanding Stock With Copy Of Liquidating Trust Agreement?
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A liquidating trust is one that is organized for the primary purpose of liquidating and distributing the assets transferred to it. When a plan under chapter 11 of title 11 of the United States Code (the ?Bankruptcy Code?) is confirmed and establishes a liquidating trust, the trust is treated as a distinct entity.
Trust will be classified for federal income tax purposes as a liquidating trust under section 301.7701-4(d) of the regulations. 2. Trust will be a grantor trust and the Beneficiaries of Trust will be treated as the owners of Trust under sections 671 and 677 of the Code.
However, if a liquidating trust is established for a corporation that is in bankruptcy, an EIN for that trust is required.
Liquidating trusts are funded with assets held for the benefit of creditors who may have a claim against the debtor. These trusts can exist from several months to several years, depending on how long it takes to liquidate the assets and work through various claims and settlements.
After confirmation and appointment, the liquidation trustee then serves as the liquidation trust's representative and is responsible for complying with the trust agreement (and confirmation order), liquidating the assets and making distributions to trust beneficiaries.
An organization will be considered a liquidating trust if it is organized for the primary purpose of liquidating and distributing the assets transferred to it, and if its activities are all reasonably necessary to, and consistent with, the accomplishment of that purpose.
A liquidating trust formed for the primary purpose of liquidating and distributing the assets transferred to it is taxed as a trust, and not as an association, despite the possibility of profit ( Reg. §301.7701-4(d)).
Liquidating trustee: person or entity charged with carrying out the Plan of Liquidation while representing the estate of the debtors.