What is a liquidating trustee. Definition of Liquidating Trustee.



What is a liquidating trustee

What is a liquidating trustee

From time to time on and after the Effective Date, the Liquidation Trust or a Liquidation Trust Entity may, with the approval of the Oversight Board, abandon any Trust Asset or Entity Asset including any Retained Asset as to which it has beneficial ownership to the Debtor so that the Debtor has legal and beneficial title thereto. Further, the Liquidation Trustee may cause the Debtor to create an Entity to own and hold such asset.

All the benefits of ownership and liabilities with respect to such asset shall transfer to such Debtor or Entity. 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.

Transfer Is Subject to Liabilities. Plan Distributions and Reserves. The Liquidation Trustee shall distribute from the Trust Assets all distributions provided for in the Plan, but excluding those to be paid by the Disbursing Agent pursuant to the Plan. The Liquidation Trust shall be established for the primary purpose of liquidating and distributing the Trust Assets to the Beneficiaries and payment of Liquidation Trust Expenses with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the liquidation purpose of the Liquidation Trust.

Beneficiaries Deemed Grantors of Liquidation Trust. The primary purpose of the Liquidation Trust is the liquidation and distribution of the Trust Assets, with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the liquidation purpose of the Liquidation Trust. Accordingly, for federal income tax purposes, the transfer of Trust Assets, subject to the assumption of liabilities on a non-recourse basis to the Beneficiaries, to the Liquidation Trust shall be treated by the Estate and the Liquidation Trustee as a deemed transfer of such Trust Assets, subject to the assumption of liabilities, by Debtor and the Estate to holders of Allowed Equity Interests in Class 3A, and a deemed further transfer by such holders to the Liquidation Trust in exchange for Beneficial Interests therein.

For federal income tax purposes, the holders of Allowed Equity Interests in Class 3A shall be treated by the Estate and the Liquidation Trustee as the grantors of the Liquidation Trust and as the deemed owners of the assets of the Liquidation Trust, and the Liquidation Trust shall not be treated as a successor of Debtor. Documentation of Trust Assets.

The Debtor shall, on or prior to the Effective Date, execute such documents as shall be reasonably required to evidence the transfer to the Liquidation Trust or any Liquidation Trust Entity on behalf of the Beneficiaries effective as of the Effective Date in accordance with Section B. Initial Valuation of Trust Assets. The Liquidation Trustee and all holders of Allowed Equity Interests in Class 3A shall use these values for the Trust Asset transferred to the Liquidation Trust consistently for all federal income tax purposes.

Multiple extensions can be obtained. Each extension shall be approved by the Bankruptcy Court within six months of the extended term. Liquidation Trustee Is a Fiduciary. The Liquidation Trustee shall have the authority to bind the Liquidation Trust and for all purposes hereunder shall be acting in the capacity as Liquidation Trustee and not individually. The Liquidation Trustee shall in an expeditious but orderly manner liquidate and convert to Cash the Trust Assets, the Entity Assets and the Retained Assets, make distributions and not unduly prolong the duration of the Liquidation Trust.

In so doing, the Liquidation Trustee shall exercise its reasonable business judgment in liquidating the Trust Assets. Without limiting the foregoing, and without any further Bankruptcy Court approval except as specifically required herein and without the approval of the Oversight Board except as specifically required herein , and subject in all respects to the other terms and conditions of this Agreement, the Plan, and the Confirmation Order, the Liquidation Trustee shall have the power and authority to take the following actions:

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What is a liquidating trustee

From time to time on and after the Effective Date, the Liquidation Trust or a Liquidation Trust Entity may, with the approval of the Oversight Board, abandon any Trust Asset or Entity Asset including any Retained Asset as to which it has beneficial ownership to the Debtor so that the Debtor has legal and beneficial title thereto.

Further, the Liquidation Trustee may cause the Debtor to create an Entity to own and hold such asset. All the benefits of ownership and liabilities with respect to such asset shall transfer to such Debtor or Entity.

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. Transfer Is Subject to Liabilities. Plan Distributions and Reserves. The Liquidation Trustee shall distribute from the Trust Assets all distributions provided for in the Plan, but excluding those to be paid by the Disbursing Agent pursuant to the Plan. The Liquidation Trust shall be established for the primary purpose of liquidating and distributing the Trust Assets to the Beneficiaries and payment of Liquidation Trust Expenses with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the liquidation purpose of the Liquidation Trust.

Beneficiaries Deemed Grantors of Liquidation Trust. The primary purpose of the Liquidation Trust is the liquidation and distribution of the Trust Assets, with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the liquidation purpose of the Liquidation Trust. Accordingly, for federal income tax purposes, the transfer of Trust Assets, subject to the assumption of liabilities on a non-recourse basis to the Beneficiaries, to the Liquidation Trust shall be treated by the Estate and the Liquidation Trustee as a deemed transfer of such Trust Assets, subject to the assumption of liabilities, by Debtor and the Estate to holders of Allowed Equity Interests in Class 3A, and a deemed further transfer by such holders to the Liquidation Trust in exchange for Beneficial Interests therein.

For federal income tax purposes, the holders of Allowed Equity Interests in Class 3A shall be treated by the Estate and the Liquidation Trustee as the grantors of the Liquidation Trust and as the deemed owners of the assets of the Liquidation Trust, and the Liquidation Trust shall not be treated as a successor of Debtor. Documentation of Trust Assets. The Debtor shall, on or prior to the Effective Date, execute such documents as shall be reasonably required to evidence the transfer to the Liquidation Trust or any Liquidation Trust Entity on behalf of the Beneficiaries effective as of the Effective Date in accordance with Section B.

Initial Valuation of Trust Assets. The Liquidation Trustee and all holders of Allowed Equity Interests in Class 3A shall use these values for the Trust Asset transferred to the Liquidation Trust consistently for all federal income tax purposes. Multiple extensions can be obtained. Each extension shall be approved by the Bankruptcy Court within six months of the extended term.

Liquidation Trustee Is a Fiduciary. The Liquidation Trustee shall have the authority to bind the Liquidation Trust and for all purposes hereunder shall be acting in the capacity as Liquidation Trustee and not individually. The Liquidation Trustee shall in an expeditious but orderly manner liquidate and convert to Cash the Trust Assets, the Entity Assets and the Retained Assets, make distributions and not unduly prolong the duration of the Liquidation Trust.

In so doing, the Liquidation Trustee shall exercise its reasonable business judgment in liquidating the Trust Assets. Without limiting the foregoing, and without any further Bankruptcy Court approval except as specifically required herein and without the approval of the Oversight Board except as specifically required herein , and subject in all respects to the other terms and conditions of this Agreement, the Plan, and the Confirmation Order, the Liquidation Trustee shall have the power and authority to take the following actions:

What is a liquidating trustee

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4 Comments

  1. Tax treatment of a liquidating distribution from a partnership Similarly, in the case of a liquidating distribution from a partnership, the business assets are deemed to have been distributed to the partners and transferred to the liquidating trust.

  2. The primary purpose of the Liquidation Trust is the liquidation and distribution of the Trust Assets, with no objective to continue or engage in the conduct of a trade or business, except to the extent reasonably necessary to, and consistent with, the liquidation purpose of the Liquidation Trust.

  3. The owner will transfer an equity often non-voting interest in the business by either gifting or selling the interest to the trust. Each owner must recognize a gain or loss on the deemed distribution received in liquidation. Documentation of Trust Assets.

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