Home Join Now Learn More Sign in
Home | Admin | Sign Out 
Find a Form 

Access thousands of free legal and business forms contributed by leading lawyers and other professionals

Search by key words (e.g., "Sales Contract")
Advanced search

 
Promote Your Business  
  • Contribute a legal or business form and network with thousands of potential clients, businesses, and professionals

    Upload a Form Add Your Executive Profile
Promote Your Business 
  • Contribute a legal or business form and network with thousands of potential clients, businesses, and professionals

    Upload a Form Add Your Executive Profile
Promote your business  
  • Contribute a legal or business form and network with thousands of potential clients, businesses, and professionals

    Upload a Form Add Your Executive Profile
Add your free profile  
  • Contribute a legal or business form and network with thousands of potential clients, businesses, and professionals

    Upload a Form Add Your Executive Profile
 
Connect

Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
Close

Thank you for using
Yourfreelegalforms.com


Your online source for 100% free legal and business forms.
Have a form to contribute?
Contribute a legal or business form, checklist or article and have your profile displayed on the same page as the form for free, powerfull, targeted marketing to those searching for legal forms and advice.

Advertise your business to thousands for free – Contribute a form
Form #1305

Agreement for operation of debtor's business by creditors' committee

Average user rating:  
Not Yet Rated
Rate it

Agreement for operation of debtor's business by creditors' committee.

Need this form customized? Download This Form Printer Friendly Version

Agreement for operation of debtor's business by creditors' committee.

This agreement made at _________, on _________[date], between _________, called debtor, _________, called committee, and _________ called other creditors, as follows:

Debtor is now engaged in the _________ business in _________ and in the conduct of that business has incurred and now owes various sums of money to committee and other creditors, which debtor is unable to pay currently as demanded; and

At a meeting of committee and other creditors of debtor held at the office of debtor in _________ on _________[date], (at which meeting creditors whose claims aggregate more than _____% of debtor's whole indebtedness were present or represented), his [her] affairs were discussed and fully considered, and it was unanimously agreed by those present that it would be for the best interest of all creditors to operate debtor's business under the supervision of a creditor's committee, and at the meeting committee was named to act as the committee on the conditions set forth in this agreement; and

Debtor also being present at the meeting agreed to the arrangement and further agreed to transfer to committee, the parcels of real estate more particularly described below:

Therefore, in order to make effective the plans of creditors and debtors as agreed on at the meeting, and in consideration of the mutual covenants, promises and conditions contained in this agreement, the parties agree as follows:

1. Debtor assigns and transfers to committee all his [her] assets of every kind and description wherever situate; and all cash on hand and in bank, accounts, bills and notes receivable; all contracts and rights in contracts of any kind; all equipment, tools, machinery, merchandise, stock on hand, fixtures, automobiles, trucks, and every item of value now owned by him [her] or to which he [she] is entitled.

2. Debtor agrees to transfer to committee title in fee simple to all that tract of land situated in the County of _________, State of _________, more particularly described as follows, namely: [legal description], together with the improvements on and appurtenances to the property subject to _________[describe mortgage or mortgages, if any].

3. Assets shall be held, controlled and disposed of by committee for the benefit of committee and other creditors and according to the terms and conditions of this agreement.

4. When this agreement becomes effective, committee shall immediately take control of the business of debtor and proceed to operate the business, and in so doing shall convert all debtor's assets into cash as promptly as may be done in their judgment for the best interests of all creditors.

5. During the period of operation of the business, committee shall have full power and authority: _________[specify powers].

6. This agreement shall become binding and effective when it has been executed by debtor and by creditors whose claims amount to _____% of debtor's indebtedness.

7. Committee and other creditors extend the due date of all their claims or demands to _________[date], and further agree that they will not enter or continue any suit, claim or demand against debtor or committee for the recovery of any amount due to either debtor or committee for the recovery of any amount due to either debtor or committee on any claim incurred prior to the execution of this agreement. On or before _________[date], committee shall have the right to extend the time within which to pay the claims of committee and other creditors or any unpaid balance to a date not later than _________[date], and the maturity date of the claims or the unpaid portion of the claims may be further extended to any subsequent

date which may be approved in writing filed with committee by _____% in amount of the claims of committee and other creditors of debtor.

8. Committee shall, as funds accumulate in its hands, distribute the funds ratably among committee and other creditors according to the amounts of their claims. When and if all claims shall be paid in full, and the obligations of committee discharged, all assets in their hands shall be reconveyed to debtor.

9. All obligations incurred by committee in the conduct of the business shall be a claim against the assets in the hands of committee prior to the present claims of committee and other creditors.

10. Any act approved by a majority of committee, whether at a meeting or otherwise, shall be the act of committee. Any vacancy in the membership of committee, occurring by a death, resignation, refusal, or failure to act, shall be filled by the remaining members of committee.

11. The members of committee shall not be responsible or held personally liable for any of the debts or obligations of debtor nor for any matters whatever, except that each member of committee shall be liable for his [her] own willful misconduct which may result in damage.

12. Acceptance by any creditor of this agreement shall not release or waive any existing valid lien or pledge, but the lien or pledge shall continue and attach to the extended indebtedness unless otherwise waived or abandoned, but any party to this agreement shall have the right to question the validity of the lien or pledge.

[Date and signatures]

Contributed by
AAA, LLC
 
Total Forms Contributed 69
 

See All AAA, LLC's Forms
 

Related Forms

Employment Agreement
Non-Disclosure and Confidentiality Agreement
Software Development and Distribution Agreement
Content Agreement for Web Site and Multimedia Work
Non-Disclosure Agreement Template

Terms Of Use

Submissions to this site, including any legal or business forms, posts, responses to questions or other communications by contributors are not intended as and should not be construed as legal advice. You are strongly encouraged to consult competent legal council before engaging in any action based upon content contained on this site.

These downloadable forms are only for personal use. Retransmission, redistribution, or any other commercial use is prohibited. This includes reposting forms from this site to another site offering free legal or other document forms for download.

Please note that the donator may have included different usage terms regarding this form, and you agree to abide by these terms. It is highly recommended that you have a licensed attorney review any legal documents for which you are searching in order to make sure that your needs are being properly and completely satisfied.

Your use of this site constitutes your acceptance of our terms of use and your agreement to hold this site, its officers, employees and any contributors to this site harmless for any damage you might incur from your use of any submissions contained on this site. If you do not agree to the above terms, please do not proceed.

These forms are provided to assist business owners and others in understanding important points to consider in different transactions. They are offered with the understanding that no legal advice, accounting, or other professional service is being offered by these documents or on this website. Laws vary in the different states. Agreements acceptable in one state may not be enforced the same way under the laws of another state. Also, agreements should relate specifically to the particular facts of each situation. Therefore, it is important to consult legal counsel whenever utilizing these forms. The Forms are not a substitute for legal advice YourFreeLegalForms.com is not engaged in recommending or referring members on the site or making claims about the competence, character or qualifications of its participating members.
Close

Thank you for using
Yourfreelegalforms.com


Your online source for 100% free legal and business forms.
Have a form to contribute?
Contribute a legal or business form, checklist or article and have your profile displayed on the same page as the form for free, powerfull, targeted marketing to those searching for legal forms and advice.



Was this form helpful? Yes No
Need a different form? Yes No


Need a different form? Need a custom form or service?

post a request to our community.


Comments




Keywords: Agreement ,operation,debtor,creditor,committee

close