8.2 Bankruptcy： Part 2

1. Features of a chapter 7 Liquidation 清算的特點(diǎn)

“Honest Debtor” “Fresh Start”

Discharge most debts

Certain debts survive (Wafted)

1.1 Objection to discharge

Objection to discharge 反對解除債務(wù) and non dischargeable debts不可解除債務(wù)

The following will prevent the debtor from receiving any discharge:

- Debtor not an individual

- Fraudulent transfer or concealment of property

-Unjustifiably failed to keep books and records

-Prior discharge within eight years

1.2 Exceptions to discharge 解除例外（不可解除債務(wù)）

Certain debts of an individual are not discharged under chapter 7 or 11.

WAFTED: Willful and malicious injury; Alimony; Fraud; Taxes; Education Loans; and Debts undisclosed in the bankruptcy petition.

1.3 Reaffirmation of discharged debts

Reaffirm the debt was made before the granting of the discharge

1.4 Distribution of the debtor’s estate: payment and priorities

Paid in order

1).Secured claimants

2). Priority Claimants (SAG, WEG, CTI)

- Support obligations owed to spouse and children

-Expenses of the bankruptcy administration, including filing fees, court fees, trustee fees, and the like’

- Claims that accrue in the ordinary course of business (after an involuntary petition is filed)

- wage claims of employee for sums earned within 180 days of bankruptcy, up to 13650 雇員在破產(chǎn)180天以內(nèi)賺取的款項(xiàng)欺栗， 最高達(dá)13650

- Sums owed for employee benefit up to whatever of the 13650 above is left(所欠員工的福利蛾魄，不超過上訴13650所剩數(shù)額））

-Claims of grain farmers and fishermen up to 6275

-consumer deposits up to 3025

-tax claims

-personal injury claims arising from intoxicated driving

3). General Creditors who files their claims on time

2. Features of Reorganization cases under chapter 11

(IPC, voluntary or involuntary)

2.1 ?Creation of creditors committee

After the order of relief effective, committee of unsecured creditor is appointed(willing person holding the seven largest unsecured claims against the debtor)

非地產(chǎn)業(yè)務(wù)摆屯， 如果債務(wù)不超過2.6 million, ?可以選擇以小企業(yè)處理， 不指定creditor’s committee.

2.2 Equity security holders’ committee

7個最大持有人诗良，和債務(wù)人協(xié)商汹桦， 調(diào)查債務(wù)情況，參與重組計(jì)劃

2.3 Debtor generally remains in possession

Committees are appointed; but a trustee is not appointed.

The debtor is presumed to be in the best position to run the business

2.4 Chapter 11 reorganization plan

破產(chǎn)案件中鉴裹，按照破產(chǎn)法 chapter 11 債務(wù)人可以隨時提出重組計(jì)劃舞骆。

Debtor has exclusive right專屬權(quán)利 to file a plan during the first 120 days after the order of relief is effective.

其他債權(quán)人可以在下列情況提交計(jì)劃

1）at trustee has been apppointed

2) debtor has not filed a plan within 120 days (after the order for relief became effective)

3) debtor filed but not obtained acceptance of every impaired class with 180 days after entry of the order for relief.

2.4.1. Contents of plan

- classify all claims (secured, first priority, second priority, impaired, unimpaired, etc)

- describe the treatment to be accorded each impaired class

- treat each claimant with a particular class identically

- establish ways to implement the plan

2.4.2 acceptance of the plan by creditors

- Any Creditor/Equity security holder must be give an opportunity to accept or reject the plan

- >= 2/3 in amount金額 + 1/2 ?in number 數(shù)量, 視為接受計(jì)劃

- a class of impaired interests is deemed to have accepted if it is accepted by equity ?security holders have at least 2/3 in amount of the allowed claims.

2.4.3 confirmation of the plan by court

The court will confirm the plan if meets certain conditions,

-Being accepted by all impaired classes

Providing for payment in full for priority administrative expenses and gap claims,

And the plan is feasible(reasonable chance of succeeding)

- cram down 強(qiáng)制破產(chǎn)執(zhí)行

如果至少有一個受損群體接受了計(jì)劃， 即使未被所有受損人接受径荔，法院也可以確認(rèn)該計(jì)劃督禽； 如果該計(jì)劃沒有不公平的歧視not unfairly discriminatory，并且對弱勢群體都是公平公正的总处。 這就是所謂的Cram down.

2.5 effects of confirmation

Binding 約束力on all creditors, equity security holders, and the debtor regardless of whether they accept the plan?

一旦確認(rèn)債務(wù)人償還了債務(wù)狈惫， confirmation discharges the debtor from all pre-confirmation debts(expect the debt not discharged under chapter 7 are also not discharged under 11), WAFTED.

- Confirmation also terminates the automatic stay 終止自動停留

3. Features of a chapter 15 case (Multination)

3.1 commencement of ancillary proceeding

Ancillary proceeding?in bankruptcy 破產(chǎn)附帶程序破產(chǎn)法院在行使其附帶管轄權(quán)〔ancillary?jurisdiction〕時所進(jìn)行的程序。?

Commenced by a “ foreign representative” filling a petition for recognition of a “foreign proceeding”

- SHOW the existence of the foreign proceeding and the appointment and authority of the foreign representative

發(fā)出通知和舉行聽證會之后鹦马，美國法院承認(rèn)外國程序

破產(chǎn)法中的自動終止和其他規(guī)定在美國生效胧谈； 美國法院發(fā)布preliminary relief

3.2 Foreign Representative’s Powers

Is authorized to operate the debtor’s business.

Once recognized, may seek additional relief from the bankruptcy court and is authorized to bring a full-blown bankruptcy case under chapters 7 or 11.?

May participate in a pending us insolvency case and may intervene in any other us. Case in which the debtor is a party

3.3 prohibition against discrimination

(外國政府和稅收債券除外，這些債權(quán)可能受條約管轄）

3.4 requirement of notice and cooperation

要求美國破產(chǎn)案荸频，向外國債權(quán)人發(fā)出通知菱肖，包括追償?shù)臋?quán)利

法院和受委托人要盡最大可能與外國法院和外國代表合作。