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But the plan did not contemplate or provide for the distribution of funds in excess of ,000. court determined that the liquidating trust formed under the plan was an "entity, " as such term is defined in §101(15), and that the liquidating trust was the entity that acquired the assets of the debtor for purposes of §347(b). E.) program which is dedicated to the education of high school students on the responsible use of credit and credit cards,16 undistributed funds can do so much more than languish in court registries. 4 Chapter 129 was enacted in 1948 and is based on former Title 28 U. Thereafter, after court costs and administrative expenses, the court found that only ,086.98 of the funds on hand represented unclaimed funds, which it transferred to Treasury trust account 6133.doctrine was invoked not to "sidestep" the provisions of Chapter 129, but rather for its original doctrinal purpose: to guide a court in disposing of funds in the absence of contractual or statutory guidance. Bankruptcy Court of the Western District of New York, and his Credit Abuse Resistance Education (C. Please consider including provisions in your liquidating plans to allow undistributed funds to be put to good use. Bankruptcy Court for the District of Delaware was most helpful in providing data from his district. By the term "undistributed funds," we mean funds not ultimately distributed to and accepted by creditors pursuant to the terms of a liquidating plan (or resulting liquidating trust) and which do not otherwise fit within the provisions of §347. The court ordered that the balance of ,198,996.93 be forfeited to the United States because "there is no reorganized debtor and there was no successor to the debtor." , 802 F.2d 405 (11th Cir. As the number of liquidating chapter 11 cases increase across the country, meaningful amounts of funds may remain undistributed notwithstanding the best efforts and compliance with the terms of the confirmed plan by liquidating plan administrators and trustees of trusts formed under liquidating plans. This article focuses on the disposition of funds at or prior to the conclusion of the five-year period prescribed in 11 U. Utilization of undistributed funds for good causes is not without precedent."Undistributed funds" or other charitable purposes to enhance the good work of bankruptcy bar associations and to facilitate the efficient winding down of liquidating plans and trusts. District and appellate courts have provided a blueprint for doing so, and recently, a bankruptcy court has done so, too.In all New York history, no one has ever gone more impressively missing." After nine years of waiting for his return, a declaration of death was issued, Judge Crater never returned to claim his New York Supreme Court seat and extensive search efforts proved unavailing. Associated Press, "Washington Moves to Help Katrina's Victims" (Aug. After court costs and other payments, the court donated 0,000 of the funds to the American Red Cross that would be geared toward "combating harms similar to those that injured the class members." allowed award to charitable organization as part of a settlement fund that it had discretion to distribute. 6, 1987) (more than

But the plan did not contemplate or provide for the distribution of funds in excess of $15,000. court determined that the liquidating trust formed under the plan was an "entity, " as such term is defined in §101(15), and that the liquidating trust was the entity that acquired the assets of the debtor for purposes of §347(b). E.) program which is dedicated to the education of high school students on the responsible use of credit and credit cards,16 undistributed funds can do so much more than languish in court registries. 4 Chapter 129 was enacted in 1948 and is based on former Title 28 U. Thereafter, after court costs and administrative expenses, the court found that only $64,086.98 of the funds on hand represented unclaimed funds, which it transferred to Treasury trust account 6133.doctrine was invoked not to "sidestep" the provisions of Chapter 129, but rather for its original doctrinal purpose: to guide a court in disposing of funds in the absence of contractual or statutory guidance. Bankruptcy Court of the Western District of New York, and his Credit Abuse Resistance Education (C. Please consider including provisions in your liquidating plans to allow undistributed funds to be put to good use. Bankruptcy Court for the District of Delaware was most helpful in providing data from his district. By the term "undistributed funds," we mean funds not ultimately distributed to and accepted by creditors pursuant to the terms of a liquidating plan (or resulting liquidating trust) and which do not otherwise fit within the provisions of §347. The court ordered that the balance of $3,198,996.93 be forfeited to the United States because "there is no reorganized debtor and there was no successor to the debtor." , 802 F.2d 405 (11th Cir. As the number of liquidating chapter 11 cases increase across the country, meaningful amounts of funds may remain undistributed notwithstanding the best efforts and compliance with the terms of the confirmed plan by liquidating plan administrators and trustees of trusts formed under liquidating plans. This article focuses on the disposition of funds at or prior to the conclusion of the five-year period prescribed in 11 U. Utilization of undistributed funds for good causes is not without precedent."Undistributed funds" or other charitable purposes to enhance the good work of bankruptcy bar associations and to facilitate the efficient winding down of liquidating plans and trusts. District and appellate courts have provided a blueprint for doing so, and recently, a bankruptcy court has done so, too.In all New York history, no one has ever gone more impressively missing." After nine years of waiting for his return, a declaration of death was issued, Judge Crater never returned to claim his New York Supreme Court seat and extensive search efforts proved unavailing. Associated Press, "Washington Moves to Help Katrina's Victims" (Aug. After court costs and other payments, the court donated $700,000 of the funds to the American Red Cross that would be geared toward "combating harms similar to those that injured the class members." allowed award to charitable organization as part of a settlement fund that it had discretion to distribute. 6, 1987) (more than $1 million was divided among six law schools, the National Association of Attorneys General and two packaging industry foundations). However, the charitable donation was eventually severed from the settlement due to ongoing negotiations by the parties.); , MDL No.

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But the plan did not contemplate or provide for the distribution of funds in excess of $15,000. court determined that the liquidating trust formed under the plan was an "entity, " as such term is defined in §101(15), and that the liquidating trust was the entity that acquired the assets of the debtor for purposes of §347(b). E.) program which is dedicated to the education of high school students on the responsible use of credit and credit cards,16 undistributed funds can do so much more than languish in court registries. 4 Chapter 129 was enacted in 1948 and is based on former Title 28 U. Thereafter, after court costs and administrative expenses, the court found that only $64,086.98 of the funds on hand represented unclaimed funds, which it transferred to Treasury trust account 6133.

doctrine was invoked not to "sidestep" the provisions of Chapter 129, but rather for its original doctrinal purpose: to guide a court in disposing of funds in the absence of contractual or statutory guidance. Bankruptcy Court of the Western District of New York, and his Credit Abuse Resistance Education (C. Please consider including provisions in your liquidating plans to allow undistributed funds to be put to good use. Bankruptcy Court for the District of Delaware was most helpful in providing data from his district. By the term "undistributed funds," we mean funds not ultimately distributed to and accepted by creditors pursuant to the terms of a liquidating plan (or resulting liquidating trust) and which do not otherwise fit within the provisions of §347. The court ordered that the balance of $3,198,996.93 be forfeited to the United States because "there is no reorganized debtor and there was no successor to the debtor." , 802 F.2d 405 (11th Cir.

As the number of liquidating chapter 11 cases increase across the country, meaningful amounts of funds may remain undistributed notwithstanding the best efforts and compliance with the terms of the confirmed plan by liquidating plan administrators and trustees of trusts formed under liquidating plans. This article focuses on the disposition of funds at or prior to the conclusion of the five-year period prescribed in 11 U. Utilization of undistributed funds for good causes is not without precedent.

"Undistributed funds" or other charitable purposes to enhance the good work of bankruptcy bar associations and to facilitate the efficient winding down of liquidating plans and trusts. District and appellate courts have provided a blueprint for doing so, and recently, a bankruptcy court has done so, too.

In all New York history, no one has ever gone more impressively missing." After nine years of waiting for his return, a declaration of death was issued, Judge Crater never returned to claim his New York Supreme Court seat and extensive search efforts proved unavailing.

Associated Press, "Washington Moves to Help Katrina's Victims" (Aug.

After court costs and other payments, the court donated $700,000 of the funds to the American Red Cross that would be geared toward "combating harms similar to those that injured the class members." allowed award to charitable organization as part of a settlement fund that it had discretion to distribute. 6, 1987) (more than $1 million was divided among six law schools, the National Association of Attorneys General and two packaging industry foundations).

However, the charitable donation was eventually severed from the settlement due to ongoing negotiations by the parties.); , MDL No.

million was divided among six law schools, the National Association of Attorneys General and two packaging industry foundations). However, the charitable donation was eventually severed from the settlement due to ongoing negotiations by the parties.); , MDL No.

Section 347(b) provides, in pertinent part, that funds remaining undistributed at "expiration of the time allowed" (referring to 11 U. If the liquidating plan provided for the sale of all or substantially all of the debtor's assets, it is similarly unlikely that the creditor constituents would deliberately craft a plan that transferred the money and property that remained undistributed five years after the confirmation order to the asset buyer.Chapter 7 trustees certainly know how to sell assets.But for various reasons, including the risks inherent in operating businesses they have no opportunity to get to know ahead of time, panel trustees rarely agree to continue operations pending a sale, even for a short period of time. If the disposition of undistributed funds is not addressed by the plan proponents in the liquidating plan, and notwithstanding that §347(a) does not apply to cases under chapter 11, it seems that in practice undistributed funds in liquidating chapter 11 cases are often disposed of in accordance therewith and Chapter 129, and such funds are frequently deposited into the registry of the court. 1998) (the liquidating trustee transferred unclaimed funds to court registry even though the reorganization plan did not provide for such disposal. We have not uncovered procedures that bankruptcy clerks use to distinguish between chapter 7 and 13 unclaimed funds and chapter 11 funds held in bankruptcy court registries. These undistributed funds, sometimes meager and sometimes not, that fall through the cracks of §347(b) are the focus of this article. Bankruptcy Court for the District of Delaware had more than 0,000 in its court registry relating to liquidating chapter 11 cases.

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While we have not seen a plan so providing, it seems to us that the liquidating plan could even leave until the time of proposed distribution the selection of the donees. If the provisions of the liquidating plan are clear, adequately disclosed in the related disclosure statement and accepted by the requisite number and percentage of creditors entitled to vote on the plan, and the plan is confirmed by the bankruptcy court, the donative provisions should be enforceable.

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