Proposal is required for approval of a majority of creditor
What kind of proposal is required for approval of a majority of creditors?
Expert
The proposal requires approval of a majority of creditors (who are divided into classes with common interests) who constitute at least two-thirds of the value within that class. If approval is denied, there is a deemed assignment in bankruptcy by the debtor. If the creditors approve, the proposal must be approved by the court, which may withhold approval if the proposal is unreasonable, e.g., creditors are likely to get less than 50 cents on the dollar. Unless the proposal provides otherwise, the debtor retains control of its property, but payments are made to a trustee who distributes monies to the creditors.
Illustrate the capacity of a contract?
How Bailees helps in Storage and Safekeeping?
Elucidate the term Liability?
What are the ways to Breach a Contract?
Explain what do you mean by Restrictive Covenants?
Explain the nature of Intellectual Property?
Illustrate Chattel Mortgages?
Explain what do you mean by Duty in tort?
Define the term Confidential Information?
Illustrate the types of bailment?
18,76,764
1926712 Asked
3,689
Active Tutors
1442959
Questions Answered
Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!!