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Written by Administrator
Thursday, 30 April 2009 19:09
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The Disclosure Statement
The filing of a written disclosure statement is preliminary to the voting on a plan of reorganization, and the disclosure statement must provide “adequate information” concerning the affairs of the debtor, to enable the holder of a claim or interest to make an informed judgment about the plan. After the disclosure statement is filed, the court must hold a hearing to determine whether the disclosure statement should be approved. Acceptance or rejection of a plan cannot be solicited without prior court approval of the written disclosure statement. After the disclosure statement has been approved, the debtor or proponent of a plan can begin to solicit acceptances of the plan, and creditors may also solicit rejections of the plan.
Last Updated ( Monday, 18 May 2009 06:52 )
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The Disclosure Statement
