Washington Notice of Filing of Written Disclosure Statement And Proposed Plan of Reorganization is a document that is filed with the Washington State Court of Appeals by a debtor who is seeking to reorganize their business under Chapter 11 of the Bankruptcy Code. The document contains detailed information about the debtor’s financial situation, including assets and liabilities, as well as a proposed plan of reorganization. This plan outlines how the debtor intends to restructure their finances in order to resolve their debt. The Washington Notice of Filing of Written Disclosure Statement And Proposed Plan of Reorganization must be approved by the court before it can be implemented. There are two types of Washington Notice of Filing of Written Disclosure Statement And Proposed Plan of Reorganization: Small Business and Non-Small Business. Small Business filings are reserved for businesses with fewer than 500 employees, whereas Non-Small Business filings are reserved for businesses with 500 or more employees.
Washington Notice of Filing of Written Disclosure Statement And Proposed Plan of Reorganization
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How to fill out Washington Notice Of Filing Of Written Disclosure Statement And Proposed Plan Of Reorganization?
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Also known as plan. A comprehensive document prepared by a debtor or another party in interest detailing how the debtor will continue to operate or liquidate, and how it plans to pay the claims of its creditors over a fixed period of time.
A more detailed description of the eligibility requirements under Subchapter V and its benefits may be found here. As outlined previously here, the Coronavirus Aid, Relief, and Economic Security Act of 2020 increased the aggregate debt limit for ?Subchapter V? Chapter 11 debtors from $2,725,625.00 to $7,500,000.00.
Subchapter V eliminates the requirement that the debtor gain acceptance from an impaired class. Rather, a Subchapter V debtor may confirm a Plan without the consent of any creditors provided the Plan does not unfairly discriminate and is ?fair and equitable? as that term is defined in the Bankruptcy Code.
A debtor must specifically state that they are filing under Subchapter V, or the bankruptcy will be treated as a standard Chapter 11 bankruptcy. The debtor must submit a balance sheet, cash flow statements, a statement of operations, and federal tax returns to the court with their bankruptcy petition.
A Chapter 11 Plan in Subchapter V may only be filed by the debtor, as opposed to an ?ordinary? Chapter 11, where creditors are permitted, upon the expiration of the exclusivity period, to file competing plans. See 11 U.S.C. § 1121.
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.