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Massachusetts Order and Notice Conditionally Determining that the Disclosure Statement Accompanying the Plan of Reorganization for Small Business Debtor Provides Adequate Information, and Setting Hearing on Confirmation and Related Matters

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Massachusetts
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MA-SKU-0157
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Order and Notice Conditionally Determining that the Disclosure Statement Accompanying the Plan of Reorganization for Small Business Debtor Provides Adequate Information, and Setting Hearing on Confirmation and Related Matters
Massachusetts Order and Notice Conditionally Determining that the Disclosure Statement Accompanying the Plan of Reorganization for Small Business Debtor Provides Adequate Information, and Setting Hearing on Confirmation and Related Matters is a type of court order that is issued by a court of bankruptcy in the state of Massachusetts. This order is issued when a small business debtor seeks to reorganize its financial obligations through the filing of a Plan of Reorganization. This order requires that a disclosure statement accompany the Plan of Reorganization and, if the disclosure statement is found to provide adequate information, a hearing on the confirmation and related matters is set. The Order requires that the disclosure statement provide sufficient information to enable creditors to make an informed decision about the plan of reorganization. The disclosure statement must include information about the debtor’s assets and liabilities; the debtor’s plan of reorganization; any proposed changes to the debtor’s corporate structure; any proposed changes to the debtor’s management or ownership; any proposed modifications to the debtor’s existing agreements with creditors; and any other material facts related to the reorganization. The types of Massachusetts Order and Notice Conditionally Determining that the Disclosure Statement Accompanying the Plan of Reorganization for Small Business Debtor Provides Adequate Information, and Setting Hearing on Confirmation and Related Matters include: (1) Orders granting approval of the disclosure statement; (2) Orders denying approval of the disclosure statement; and (3) Orders granting interim approval of the disclosure statement.

Massachusetts Order and Notice Conditionally Determining that the Disclosure Statement Accompanying the Plan of Reorganization for Small Business Debtor Provides Adequate Information, and Setting Hearing on Confirmation and Related Matters is a type of court order that is issued by a court of bankruptcy in the state of Massachusetts. This order is issued when a small business debtor seeks to reorganize its financial obligations through the filing of a Plan of Reorganization. This order requires that a disclosure statement accompany the Plan of Reorganization and, if the disclosure statement is found to provide adequate information, a hearing on the confirmation and related matters is set. The Order requires that the disclosure statement provide sufficient information to enable creditors to make an informed decision about the plan of reorganization. The disclosure statement must include information about the debtor’s assets and liabilities; the debtor’s plan of reorganization; any proposed changes to the debtor’s corporate structure; any proposed changes to the debtor’s management or ownership; any proposed modifications to the debtor’s existing agreements with creditors; and any other material facts related to the reorganization. The types of Massachusetts Order and Notice Conditionally Determining that the Disclosure Statement Accompanying the Plan of Reorganization for Small Business Debtor Provides Adequate Information, and Setting Hearing on Confirmation and Related Matters include: (1) Orders granting approval of the disclosure statement; (2) Orders denying approval of the disclosure statement; and (3) Orders granting interim approval of the disclosure statement.

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FAQ

Chapter 13 is designed for individuals with regular income who are temporarily unable to pay their debts. Chapter 13 gives them the option to pay their debts in installments over a period of time. You are eligible for Chapter 13 if your debts do not exceed certain dollar amounts set forth in the Bankruptcy Code.

If a debtor fails to keep up with payments under their repayment plan in a Chapter 13 bankruptcy, the bankruptcy trustee may file a motion to dismiss their case. This means that their debts would not be discharged because the case would be considered unsuccessful.

Ordinarily, a reorganization plan must be accepted by a majority of the creditors of each class. A class is considered to have approved of a bankruptcy plan if the plan is approved by creditors holder at least 2/3 of the amount of claims in the class or by more than half of the creditors.

The reorganization proposal must provide structure as to how the business will continue to operate. Normally, the plan will include information about downsizing the business, negotiating debts, and liquidating assets within the business.

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.

In order to confirm the plan, the court must find, among other things, that: (1) the plan is feasible; (2) it is proposed in good faith; and (3) the plan and the proponent of the plan are in compliance with the Bankruptcy Code.

Your debts will not be discharged. Often creditors?especially unsecured creditors?don't bother to file claims with the bankruptcy court and their debts get discharged, but only if you complete the plan. When the case is dismissed, those creditors stay with you.

After a Chapter 11 plan is confirmed by the court, the plan must be implemented and carried out, either by the debtor or by the successor to the debtor under the plan. If the plan calls for the debtor to be reorganized or for a new corporation to be formed, this function must be carried out first.

More info

A proof of claim is a written statement setting forth a creditor's claim. Adequate time to prepare for hearing on confirmation of the plan. Sec. 318.Confirmation of the Plan and approval of the Global Settlement. Agreement are core proceedings pursuant to 28 U.S.C. § 157(b) and this Court has jurisdiction to. Statement and (2) combine the plan and disclosure statement hearing. Adequate time to prepare for hearing on confirmation of the plan. DEBTOR'S MOTION FOR ENTRY OF AN ORDER (I) SCHEDULING. Class 13 Equity Interests in MCI and the Schedule III Debtors .

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Massachusetts Order and Notice Conditionally Determining that the Disclosure Statement Accompanying the Plan of Reorganization for Small Business Debtor Provides Adequate Information, and Setting Hearing on Confirmation and Related Matters