The New Hampshire LBF 3020-1 Order Confirming Plan of Reorganization is a formal document that is issued by the court and confirms the reorganization plan of a debtor company. This document outlines the terms and conditions of the reorganization plan, including the treatment of creditors, the distribution of cash and assets, the restructuring of debt, and the appointment of a trustee to oversee the process. The order may also include provisions for any additional actions required to effect the reorganization. The primary types of New Hampshire LBF 3020-1 Order Confirming Plan of Reorganization are Chapter 11, Chapter 12, and Chapter 13.
New Hampshire LBF 3020-1 Order Confirming Plan of Reorganization
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New Hampshire
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NH-SKU-0029
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LBF 3020-1 Order Confirming Plan of Reorganization
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After a Chapter 11 plan is confirmed by the court, the plan must be implemented and carried out, either by the debtor or by the successor to the debtor under the plan. If the plan calls for the debtor to be reorganized or for a new corporation to be formed, this function must be carried out first.
The reorganization proposal must provide structure as to how the business will continue to operate. Normally, the plan will include information about downsizing the business, negotiating debts, and liquidating assets within the business.
Ordinarily, a reorganization plan must be accepted by a majority of the creditors of each class. A class is considered to have approved of a bankruptcy plan if the plan is approved by creditors holder at least 2/3 of the amount of claims in the class or by more than half of the creditors.
In order to confirm the plan, the court must find, among other things, that: (1) the plan is feasible; (2) it is proposed in good faith; and (3) the plan and the proponent of the plan are in compliance with the Bankruptcy Code.
Under the Bankruptcy Code, all impaired creditors ? those who will not be paid back in full under the plan of reorganization ? must give their approval for the plan solicited by the debtor. At least one class of impaired creditors must vote to accept the plan before it can be approved by the court.
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.
While the Bankruptcy Court does not propose the plan or dictate its contents, the Bankruptcy Court can deny confirmation even if creditors vote overwhelmingly to approve the plan. If the creditors vote to reject the plan or the Bankruptcy Court denies confirmation, the debtor must begin again.