This is one of the most requested comments and questions asked:
1).- Normally Policy dictates that : "During the first 120(one hundred and twenty) days following the filing of a Chapter 11 bankruptcy petition, the borrower has the exclusive right to file a proposed repayment plan that provides for repaying creditors using earnings from the reorganized business, now, having said that remember that "When that period of time has elapsed, ANY of the creditors may file a plan.
2).- Creditors are entitled to vote on the repayment plan, furthermore, they might decide that liquidation rather than reorganization would be the best method for debt resolution.
Luigi Mario FRASCINI
WARNING:This message contains information which may be confidential and privileged. Unless you are the addressee (or authorized to receive for the addressee),you may not use, copy or disclose to anyone the message or any information contained in the message. If you have received the message in error, please advise the sender by reply e-mail at email@example.com, and delete the message. IRS Circular 230 Disclosure: To ensure compliance with Treasury Department Regulations, we advise you that, unless otherwise expressly indicated, any federal tax advice contained in this communication was not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions or (ii) promoting, marketing or recommending to another party any tax-related matter addressed herein. This information has been provided with the understanding that ANY and ALL questions regarding legal advise and ANY other professional services SHOULD BE DIRECTED to a qualified professional who specializes in such services.
Luigi M. Frascini
Thank you, LM F α Ω (714) 296-3364 firstname.lastname@example.org