Bearingpoint liquidating trust agreement
This Bankruptcy Code section raises certain issues in connection with the creation of post-confirmation liquidation and litigation trusts. For example, an asset may be abandoned by the debtor pursuant to a plan and thus would not be included as a trust asset.
Generally, operations of post-confirmation trusts are funded by the cash on hand as of the effective date of the plan. Beneficiaries Deemed Grantors of Liquidation Trust. Although rare, disputes can arise where abandoned property reverts to an individual debtor.
The Liquidation Trust shall have no responsibility for or liability pertaining to any asset owned by the Debtor or any Entity created by the Debtor. In addition, where a trust is established to pursue only litigation claims, only such claims and cash to fund operations will become assets of the trust.
Each Beneficiary shall take and hold the same subject to all the terms and provisions of this Agreement. There can be no assurance that any of these transactions will be completed.
This filing is not intended to be, nor should it be construed as, a solicitation for a vote on the Amended Plan. However, post-confirmation trusts may be funded by alternative means, such as exit financing or a cash contribution from a reorganized debtor. All the benefits of ownership and liabilities with respect to such asset shall transfer to such Debtor or Entity.
Typically, trust agreements will provide that beneficiaries of a post-confirmation trust are the holders of allowed claims against the debtor. The trust agreement may also require the trustee to obtain a bond. Such exit financing has been used where a trust requires cash to pursue litigation or complete an asset sale. Insurance The trust agreement should authorize the trustee to obtain insurance as needed.
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