CHAPTER 11 PLAN in Visual Studio .NET

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(d) CONFIRMATION OF PLAN Prior to the con rmation hearing on the proposed plan, the proponents of the plan will seek its acceptance Once the results of the vote are known, the debtor or other proponent of the plan will request con rmation of the plan The holder of a claim or interest, as de ned under Section 502, is permitted to vote on the proposed plan Voting is based on the classi cation of claims and interests A major change from prior law is that the acceptance requirements are based on those actually voting and not on the total value or number of claims or interests allowed in a particular class The Secretary of the Treasury is authorized to vote on behalf of the United States when the United States is a creditor or equity security holder A class of claim holders has accepted a plan if at least two-thirds in amount and more than one-half in number of the allowed claims for that class that are voted are cast in favor of the plan For equity interests, it is only necessary that votes totaling at least two-thirds in amount of the outstanding securities in a particular class that voted be cast for the plan The majority in number requirement is not applicable to equity interests (e) CONFIRMATION REQUIREMENTS Section 1129(a), which contains the requirements that must be satis ed before a plan can be con rmed, is one of the most important sections of the Bankruptcy Code The provisions follow: 1 The plan complies with the applicable provisions of Title 11 Section 1122 concerning classi cation of claims and Section 1123 on the content of the plan are signi cant sections 2 The proponents of the plan comply with the applicable provisions of Title 11 Section 1125 on disclosure is an example of a section that is referred to by this requirement 3 The plan has been proposed in good faith and is not by any means forbidden by law 4 Payments are disclosed Any payment made or to be made for services, costs, and expenses in connection with the case or plan has been approved by, or is subject to the approval of, the court as reasonable 5 There is disclosure of of cers The proponent of the plan must disclose the persons who are proposed to serve after con rmation as director, of cer, or voting trustee of the reorganized debtor Such employment must be consistent with the interests of creditors and equity security holders and with public policy Also, names of insiders to be employed and the nature of their compensation must also be disclosed 6 Regulatory rate has been approved Any governmental regulatory commission that will have jurisdiction over the debtor after con rmation of the plan must approve any rate changes provided for in the plan 7 The plan satis es the best-interest-of-creditors test It is necessary for the creditors or stockholders who do not vote for the plan to receive as much as they would if the business were liquidated under 7 8 The plan has been accepted by each class Each class of creditors or stockholders impaired under the plan must accept the plan Section 1129(b), however, provides an exception to this requirement the Cram Down This section allows the court under certain conditions to con rm a plan even though an impaired class has not accepted it The plan must not discriminate unfairly, and it must be fair and equitable with respect to each impaired class of claims or interest that has not accepted the plan The Code states conditions for secured claims, unsecured claims, and stockholder interests that would be included in the fair and equitable requirement It should be noted that because the word includes is used, the meaning of fair and equitable is not restricted to these conditions A discussion of the cram down provision is found in Section 533 of Newton s Bankruptcy and Insolvency Accounting 9 Priority claims have been satis ed This requirement provides that priority claims must be satis ed with cash payment as of the effective date of the plan unless the holders agree to a different treatment An exception to this general rule is allowed for taxes Taxes must be
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