Liquidation Alternative definition
Examples of Liquidation Alternative in a sentence
If the Reorganization Alternative does not occur, the Liquidation Alternative shall occur.
The De Minimus holders shall be deemed to have selected Option 1, and, depending on whether the Plan results in the Liquidation Alternative or the Reorganization Alternative, shall receive beneficial interests in the Liquidating Trust or in the Disbursement Escrow, in exchange for and in proportion to their Allowed Interest.
Claims arising from the rejection of executory contracts and unexpired leases not covered by previous Bankruptcy Court order, must be Filed with the Bankruptcy Court and served upon the Liquidating Trustee (under the Liquidation Alternative) or the Reorganized Debtor (under the Reorganization Alternative) within 30 days after Confirmation, and shall be paid, if Allowed, as a Class 2 Claim under the Plan.
Thereupon, all right, title and interest in and to the Unclaimed Property shall immediately and irrevocably vest in the Liquidating Trust (under the Liquidation Alternative) or the Reorganized Debtor (under the Reorganization Alternative).
The assets to be transferred to the Liquidating Trust or the Disbursement Escrow shall differ depending on whether the Plan results in the Liquidation Alternative or the Reorganization Alternative.
The Liquidating Trustee (under the Liquidation Alternative) or the Reorganized Debtor (under the Reorganization Alternative) shall have responsibility for objecting to the allowance of all Claims.
The Liquidating Trustee (under the Liquidation Alternative) or the Reorganized Debtor (under the Reorganization Alternative) shall cause to be prepared in accordance with applicable law and shall cause to be filed all tax returns required to be filed by Debtor and shall pay the taxes shown as due.
A Liquidating Trust or a Disbursement Escrow shall be established on or shortly after the Effective Date, depending on whether the Plan results in the Liquidation Alternative or the Reorganization Alternative.
Objections to Claims shall be filed with the Bankruptcy Court and served on holders of each Claim to which objection is made as soon as practicable, but in no event later than twenty (20) days after the Effective Date unless extended by the Liquidating Trustee (under the Liquidation Alternative) or the Reorganized Debtor (under the Reorganization Alternative), which may be made by ex parte application to the Bankruptcy Court.
Neither the Liquidating Trustee (under the Liquidation Alternative) or the Reorganized Debtor (under the Reorganization Alternative) shall waive or release any claim that they may have against those persons either by failing to effect such a setoff or recoupment; by allowing any Claim against Debtor or the Estate, or by making a distribution on account of an Allowed Claim after the Petition Date.