A New York Chapter 11 Motion for Final Decree (Substantially Consummated) is a legal motion filed with the US Bankruptcy Court for the Southern District of New York in order to obtain a Final Decree from the court, which will effectively close the bankruptcy case. The motion must be filed after the Debtor has substantially consummated its plan of reorganization, meaning that all material terms of the plan have been complied with and all necessary steps have been completed in order to effectuate the plan. The motion is generally accompanied by a proposed Final Decree, which is a document outlining the terms of the case's closure. This motion can be filed either by the Debtor or by the Court-appointed Trustee in a Chapter 11 case. Different types of New York Chapter 11 Motion for Final Decree (Substantially Consummated) may include a Motion for Final Decree of Reorganization, a Motion for Final Decree of Liquidation, and a Motion for Final Decree of Dismissal.
New York Chapter 11 Motion for Final Decree (Substantially Consummated)
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After the plan is confirmed, the debtor is required to make plan payments and both the debtor and its creditors and other parties in interest are bound by the provisions of the reorganization plan. The confirmed plan creates new contractual rights, replacing or superseding pre-bankruptcy contracts.
Substantial consummation of a plan occurs when transfer of all or substantially all of the property proposed by the plan to be transferred is actually transferred; when the debtor (or its successor) has assumed the business of the debtor or the management of all or substantially all of the property dealt with by the
In individual chapter 11 cases, and in cases under chapter 12 (adjustment of debts of a family farmer or fisherman) and 13 (adjustment of debts of an individual with regular income), the court generally grants the discharge as soon as practicable after the debtor completes all payments under the plan.
A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy. Usually, the debtor remains ?in possession,? has the powers and duties of a trustee, may continue to operate its business, and may, with court approval, borrow new money.
In a Subchapter V the plan can either be consensual or non-consensual. The former is where everyone agrees and the later is where the debtor forces plan on non-consenting parties. In a consensual plan the trustee's services end upon substantial consummation (typically when payments to creditors begin).
Examples Of Chapter 11 Bankruptcy While Chapter 11 bankruptcies may appear to be a lot more successful than Chapter 7 situations, history shows that most companies entering Chapter 11 don't survive either. Less than 10% of Chapter 11 filings have actually been successful.
A chapter 11 case can be closed WITH A FINAL DECREE if the plan is substantially consummated and if administrative actions are completed and if all other activities in the case are completed.
In a Chapter 11 case filed by an individual (i.e., a natural person), a discharge is granted by the court separately, after the completion of payments under the plan. A discharge is a court order relieving the debtor from liability for certain debts.