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Insolvency and Rehab Proceedings Guide

This document outlines the requirements for different types of insolvency proceedings in Fria. It requires certain percentages of creditors by claim amount or class to initiate involuntary proceedings, a pre-negotiated rehabilitation plan, or to liquidate the debtor's assets. The percentages vary based on the type of proceeding and whether the creditors are secured, unsecured or hold a certain amount of the total liabilities. A petition to suspend payments requires creditors with claims amounting to at least 3/5 of total liabilities to call a meeting.

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190 views1 page

Insolvency and Rehab Proceedings Guide

This document outlines the requirements for different types of insolvency proceedings in Fria. It requires certain percentages of creditors by claim amount or class to initiate involuntary proceedings, a pre-negotiated rehabilitation plan, or to liquidate the debtor's assets. The percentages vary based on the type of proceeding and whether the creditors are secured, unsecured or hold a certain amount of the total liabilities. A petition to suspend payments requires creditors with claims amounting to at least 3/5 of total liabilities to call a meeting.

Uploaded by

azuremango
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd

FRIA TABLE

Involuntary Pre-Negotiated Out-of- Involuntary Liquidation by Petition for Suspension of


Rehab Rehab Plan by Court/Informal Liquidation by Insolvent Debtor Payments by Insolvent
Proceedings by Insolvent Debtor Rehab Plan Creditors Debtor
Creditors or Jointly w/
Creditors
1M aggregate Creds holding 2/3s 67% obligations Debts amounted Debts exceeding 500k Creds holding claims amounting
claims or @ least of the total liabilities of secured to at least 500k to at least 3/5 of the liabilities
25% Subscribed of the debtor, creditors Assets insufficient to shall be necessary for holding a
Capital Stock cover liabilities meeting.
Secured creditors 75% oblis of
Demandable holding more than unsecured creds The creditors and individual
payments not 50% of the total debtor shall discuss the
made within 60 secured claims of 85% of total propositions in the proposed
days the debtor liabilities agreement and put them to a
vote
Unsecured creditors
holding more than To form a majority, it is
50% of the total necessary--
unsecured claims of
the debtor. 2/3s of the creditors voting unite
upon the same proposition; and

Claims represented by said


majority vote amount to at least
3/5s of the total liabilities of the
debtor mentioned in the petition

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