The use of a Liquidating Trustee or Plan Administrator in Chapter 11 bankruptcy cases is becoming more prevalent.
While most investors and creditors think of Chapter 11 as a “reorganization” of the Debtor/Company into a restructured business operation, Debtor’s advisors (and to some extent, secured creditors) have managed to maximize the benefits of Chapter 11 (chiefly, the control of assets by the Debtor) while structuring a plan that is essentially a liquidation of the Debtor’s profitable or operating assets. Major has extensive experience with these strategies, especially from a creditor/claimant perspective and can fulfill the role of Liquidating Trustee or Plan Administrator in a cost effective, efficient manner with the goal of maximizing recoveries as quickly as possible; while at the same time providing stakeholders information and disclosure desired to effectively manage and understand their own claims.
A chapter 11 orderly liquidation is often the result of a failed reorganization attempt.
In fact, debtors often file chapter 11 petitions intending to file and confirm a liquidating plan. Therefore, "[a]s the assignee of 'all' or 'substantially all' of the property of the corporate debtors, the trustee must file the returns that the corporate debtors would have filed had the plan not assigned their property to the trustee." Id.
(iii) To participate in the acquisition costs of a property only once, based on the property value when originally purchased or constructed by the agency.
(ii) To encourage the continued use of owned real estate in the county program.
On and after August 1, 2003, the transportation of persons by motor vehicle or aircraft is or is to be provided, when the transportation is entirely within this state, except for transportation provided by an ambulance service, by a transit bus, as defined in section On and after August 1, 2003, motor vehicle towing service is or is to be provided.
As used in this division, "motor vehicle towing service" means the towing or conveyance of a wrecked, disabled, or illegally parked motor vehicle.
Chapter 11 bankruptcy is distinguished from consumer bankruptcy by the immediate supplemental filings of what are termed “first day motions.” Upon filing a Chapter 11, an operating business requires court approval to continue business operations.
For example, immediate approval is needed to pay current employees and to authorize payment of wages that accrued prior to the filing.
(c) The Department will participate in payments in lieu of rent for offices and buildings owned by an agency or related party and used for programs operated under contract with the county or county joinder.
(3) If it does exceed the rental charge to the general public, the Department will participate in these costs only if the rental charge is explicitly approved by the appropriate county authority.
In the case of corporations with stock, one corporation owns or controls another if it owns more than fifty per cent of the other corporation's common stock with voting rights.