Free horny chatting without registration - A liquidating trust

Ohio 1998); see, also, In re Hudson Oil Co., 200 B. 1996) (dicta indicating that the liquidation trust would have been liable if amendments to 28 U.

After confirmation and appointment, the liquidation trustee then serves as the liquidation trust's representative and is responsible for complying with the trust agreement (and confirmation order), liquidating the assets and making distributions to trust beneficiaries. This necessitates a liability policy and/or an indemnity agreement to protect the liquidation trustee from errors and omissions. As a "trustee," a liquidation trustee has potential exposure for numerous liabilities.

The liquidation trustee in essence has the duties and responsibilities of a state law trustee, including fiduciary duties to the liquidation trust. Liability for such errors and omissions is not necessarily limited to such insurance proceeds.

The Staff of the SEC’s Division of Corporation Finance has issued a number of no-action letters, including REMEC Liquidating Trust (Mar.

23, 2011), granting relief from the registration and reporting requirements for liquidating trusts.

Notwithstanding the broad scope of the United States Bankruptcy Code and the power of the Bankruptcy Courts, there are still securities issues to be considered.

One possible component of a bankruptcy reorganization or liquidation is a liquidating trust.

Indeed, filing chapter 11 does not equate to reorganization. Additional liability may result from the requirement to pay quarterly fees to the U. Trustee "until the case is converted or dismissed." 28 U.

A chapter 11 orderly liquidation is often the result of a failed reorganization attempt.

While no-action relief granted by the Staff to other parties and with respect to certain facts and circumstances form all or part of a persuasive argument for like treatment in similar fact situations, the grant of no-action relief by the Staff does not represent an official action by or on behalf of the SEC Commissioners.

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