Corporate guarantor asset transfer requires liquidator coordination, committee approval, and disclosure in progress reports and asset memoranda. Facilitation of transfer of assets applies where the corporate debtor in liquidation is a corporate guarantor. The liquidator must coordinate with the resolution professional of the debtor receiving the guarantee regarding transfer of assets in that debtor's resolution process. For the purposes of section 28A, the liquidator must obtain approval from the committee of the corporate guarantor before transfer. If approval is granted, the proposed transfer must be disclosed in the progress report and asset memorandum.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Corporate guarantor asset transfer requires liquidator coordination, committee approval, and disclosure in progress reports and asset memoranda.
Facilitation of transfer of assets applies where the corporate debtor in liquidation is a corporate guarantor. The liquidator must coordinate with the resolution professional of the debtor receiving the guarantee regarding transfer of assets in that debtor's resolution process. For the purposes of section 28A, the liquidator must obtain approval from the committee of the corporate guarantor before transfer. If approval is granted, the proposed transfer must be disclosed in the progress report and asset memorandum.
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