Instructions for Ballot for Accepting or Rejecting Plan is a document that outlines the procedures for a vote to approve or reject a plan. It outlines the specific requirements, such as the number of votes needed to pass the plan, the deadline for voting, the method of voting, and the consequences of voting. It may also include instructions on how to submit a ballot, tally the results, and inform the public of the outcome. There are two types of Instructions for Ballot for Accepting or Rejecting Plan: proxy voting and direct voting. Proxy voting requires that a registered voter appoint another voter to cast a ballot on their behalf, while direct voting requires that the voter cast their own ballot.
Instructions for Ballot for Accepting or Rejecting Plan
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Instructions for Ballot for Accepting or Rejecting Plan
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FAQ
What creditors are eligible to vote on the acceptance or rejection of a Chapter 11 plan? Creditors must qualify both individually and by class in order to be permitted to vote on the acceptance or rejection of a plan. Individually, a creditor's claim must be allowed by the court in order to be eligible to vote.
Voting on the Chapter 11 Plan In order for a plan to be confirmed, an affirmative vote of at least two-thirds in dollar amount of claims and more than one-half in number of the creditors in a class that submit votes is required for the acceptance of the plan of reorganization by that class.
The votes of insiders, including nonstatutory insiders, to accept a chapter 11 plan do not count in determining whether the plan has been accepted by at least one class of impaired claims, a requirement for the bankruptcy court to confirm the plan.
Under U.S. bankruptcy law, a creditor or another party of interest ? that is, a person or entity that has a stake in the debt ? can file an objection to the confirmation of a plan.
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.
Voting on the Chapter 11 Plan For equity interest holders, the affirmative vote of holders holding at least two-thirds in amount of the equity interests in a class is required from the class voting on the plan of reorganization.