Het pre-insolventieakkoord 2016/12.8.6:12.8.6 Requirements for confirmation and cram-down

Het pre-insolventieakkoord 2016/12.8.6

12.8.6 Requirements for confirmation and cram-down

Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.Deze functie is alleen te gebruiken als je bent ingelogd.

In order for a plan to be confirmed that all classes have accepted, in cases where a confirmation decision is required, only three criteria should apply:

i)

that the debtor is in a financial state of insolvency or pre-insolvency,

ii)

that the democratic decision-making process is in order, and

iii)

that the plan does not materially prejudice the interests of parties who were not involved in the proceedings.

In assessing whether the decision-making process is in order, the court should ensure, among other things, that the creditors have had sufficient opportunity to form an educated opinion and that the debtor has responded adequately to reasonable information requests from creditors. It should also check whether the classes have been properly formed and the requisite majorities in each class have been obtained, make sure that the creditors have not voted with a view to promoting interests that are adverse to those that are representative of the class (no conflicts of interest), and ensure that there has been no fraud, or deceit, or use of other unfair means in the process of bringing the plan into being.

In order for a plan to be confirmed that one or more classes have rejected, in addition to the above three criteria, a fourth requirement should apply: that the plan offers the members of the dissenting class a choice between:

i)

a distribution in cash equal to their share, in accordance with their rank, of the liquidation value, or

ii)

a distribution either in cash or non-cash with a value equal to their share of the reorganisation value in accordance with their rank.

Deze functie is alleen te gebruiken als je bent ingelogd.