[Your Name] [Your Address] [City, State, ZIP Code] [Email Address] [Phone Number] [Date] [Recipient Name] [Investment Bank] [Bank Address] [City, State, ZIP Code] Subject: Application for Unsecured Creditors' Order Authorizing Employment of Investment Banker Dear [Recipient Name], I hope this letter finds you well. I am writing to formally request the assistance of [Investment Bank] as an investment banker for the purposes of managing the affairs of [Company/Vendor Name], which is currently undergoing financial distress and seeking to address its outstanding liabilities. [Company/Vendor Name] is a Wisconsin-based entity operating [brief description of the company's nature of business]. Due to circumstances beyond our control, namely [explain cause of financial distress such as economic downturn, unexpected loss, or major market changes], our company is unfortunately unable to meet its financial obligations to its unsecured creditors. In order to address this situation effectively, we recognize the need for professional expertise and objective guidance. [Investment Bank] has an impeccable reputation in the finance industry, especially in handling distressed company scenarios, and we firmly believe that your services would greatly benefit [Company/Vendor Name] and its unsecured creditors. We kindly request that you consider our application to obtain an Unsecured Creditors' Order authorizing the employment of [Investment Bank]. The specific services we require are as follows: 1. Development of a Financial Recovery Strategy: [Investment Bank] should assess our current financial position, conduct a comprehensive analysis of our business operations, and devise a recovery strategy that maximizes creditors' interests while ensuring minimum disruption to our operations. 2. Exploring Available Options: [Investment Bank] should explore various alternatives for restructuring our outstanding liabilities, such as debt refinancing, debt renegotiation, asset disposition, or potential partnerships/acquisitions. This should be done while keeping the interests of both the company and unsecured creditors in mind. 3. Negotiation and Structuring: With your knowledge and experience, we would greatly appreciate guidance and representation in negotiating with our unsecured creditors to reach mutually acceptable agreements in terms of payment amounts, timelines, and potential write-offs. 4. Communication and Implementation: [Investment Bank] will play a critical role in facilitating effective communication between [Company/Vendor Name] and its unsecured creditors. It will ensure that both parties are fully informed about the progress of negotiations, restructuring initiatives, and any significant developments along the way. We understand that such services come at a cost, and we are committed to compensating [Investment Bank] for their time, effort, and expertise in this matter. We kindly request you to include your proposed fee structure and any associated expenses in your response to this application. If you require any additional information or documents to evaluate our request, please do not hesitate to contact me at [Phone Number] or via email at [Email Address]. We are available at your convenience for a meeting or conference call to discuss our situation in further detail. Thank you for your attention to this matter. We look forward to receiving a favorable response to our application and the opportunity to collaborate with [Investment Bank] in finding the best possible outcome for all parties involved. Yours sincerely, [Your Name] [Company/Vendor Name] [Title/Position]
Wisconsin Sample Letter for Application of Unsecured Creditors for an Order Authorizing Employment of Investment Banker
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How to fill out Wisconsin Sample Letter For Application Of Unsecured Creditors For An Order Authorizing Employment Of Investment Banker?
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FAQ
Creditors in bankruptcy cases have debts paid either by waiting for a distribution from the estate (unsecured creditors), by reclaiming property from the bankruptcy estate (secured creditors), or by obtaining a judgment that the debt is not dischargeable.
In the event of the bankruptcy of the debtor, the unsecured creditors usually obtain a pari passu distribution out of the assets of the insolvent company on a liquidation in ance with the size of their debt after the secured creditors have enforced their security and the preferential creditors have exhausted ...
The difference between your income on Schedule I and your expenses on Schedule J will be your Chapter 13 plan payment. Your unsecured creditors will receive a percentage of the disposable income remaining after secured and priority creditors receive payment.
General unsecured creditors get paid on a pro rata basis. They'll all receive the same percentage of the balance owed. However, as long as you act in good faith, you may selectively pay nonpriority claims, in effect favoring some creditors over others.
In general, secured creditors have the highest priority followed by priority unsecured creditors. The remaining creditors are often paid prior to equity shareholders.
Creditors' Rights for Unsecured Claims As an unsecured creditor, you can file a proof of claim, attend the first meeting of creditors, and file objections to the discharge. You can review the bankruptcy papers that were filed to determine whether there are any inaccuracies.
Creditors in bankruptcy cases have debts paid either by waiting for a distribution from the estate (unsecured creditors), by reclaiming property from the bankruptcy estate (secured creditors), or by obtaining a judgment that the debt is not dischargeable.
Some of the most common types of unsecured creditors include credit card companies, utilities, landlords, hospitals and doctor's offices, and lenders that issue personal or student loans (though education loans carry a special exception that prevents them from being discharged).
