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 #1306

Allowing debtor to carry on business under direction of committee of creditors

Average user rating:  
Not Yet Rated
Rate it

Allowing debtor to carry on business under direction of committee of creditors

Need this form customized? Download This Form Printer Friendly Version

Allowing debtor to carry on business under direction of committee of creditors.

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

Debtor is indebted to committee and other creditors in the sums placed opposite their respective names at the end of this instrument.

At a meeting of committee and other creditors of debtor, held on _________, it appeared that debtor is at present unable to pay the demands of all his [her] creditors, but has ample stock in trade for that purpose. It was agreed that debtor should be allowed to carry on his [her] business for the term of _________ years, to be computed from _________, the date of the execution of this agreement, or for an extended period as provided below, under the inspection of committee, who have been unanimously chosen by committee and other creditors and approved by debtor for that purpose, under the conditions and stipulation mentioned below. It is further agreed:

1. Committee and other creditors give debtor full, free, and absolute liberty to manage his [her] stock in trade, credits, and effects, under the inspection and control of committee, or any two of committee members from now until _________[date], or until such time as committee and other creditors may allow by written consent signed by a majority [or other proportion] of them and filed with committee. The death of debtor shall terminate this agreement without effect or prejudice as to the existence, proof and enforcement of the claims of creditors, insofar as not previously satisfied and discharged under this agreement or otherwise against the estate of debtor.

2. It is agreed by committee and other creditors with the debtor that if they, or any one or more of them shall, contrary to the true intent and meaning of this agreement attach, arrest, or otherwise harass debtor or his [her] property, then the debt or claim of the creditor, person or persons so acting shall be forfeited and void. This agreement is binding on committee and other creditors both jointly and severally.

3. It is agreed that debtor will pay to committee and other creditors the full amount of the debts set opposite their respective names at the end of this instrument, and that he [she] will pay the debts on or before the expiration of the term of _________ years, or the prolonged period previously mentioned, if the prolonged period is granted, without deduction, according to the true intent and meaning of this agreement.

4. It is agreed that debtor will, as soon as possible after this day, make out a full and exact account in writing of all his [her] estate and effects, both real and personal, and of the charges and incumbrances now affecting his [her] business and all his [her] estate, and he [she] will deliver the account or copy to each member of committee and to each of his [her] other creditors on or before _________[date]. Debtor, if required by the committee or any _________ of the committee members, will verify the truth of the accounts on oath.

5. It is agreed that debtor will at all times during the period limited by this agreement, under the directions of committee, use his [her] utmost endeavors to promote the prosperity of his [her] business and to collect his [her] estate, credits, and effects. When money, bonds, bills, notes, or other securities are received by him [her], debtor will pay in and deposit in the bank the committee shall designate for that purpose, or will dispose of them in such manner as committee shall direct. Debtor's money and other valuables may be applied and distributed for the benefit of committee and other creditors in the manner mentioned below.

6. Debtor agrees with committee and other creditors that, unless he [she] previously shall have paid the whole of his [her] debts due to committee and other creditors, he [she] will not at any time during the term of this agreement release, charge, or incumber his [her] estate, business stock in trade, or credits.

7. Until debtor has paid the whole of his [her] debts now due to committee and other creditors, either on his [her] own account or in connection with any other person or persons, debtor will not engage in any business, trade, or commercial transactions whatsoever, without the consent in writing of committee or the majority of members of committee.

8. Debtor will not commit nor permit any act whereby any of committee or other creditors may obtain security or securities for their debt or any preference or priority of payment contrary to the true intent and meaning of this agreement.

9. Debtor will not release any debt nor bring any action or suit for recovering a debt, except with the consent, and under the direction and advice, of committee. Debtor will not, without the direction and advice of the committee, disavow, discontinue or become nonsuit in any action, suit or other proceeding that may be brought or prosecuted for the recovery of any debt of debtor to committee or other creditors.

10. Debtor agrees that he [she] will keep proper account books with a daily entry of all receipts and payments and of all other matters and transactions relating to his [her] business as may be necessary to show the true state of his [her] affairs. He [She] shall also preserve copies of all letters sent to or received from any person concerning his [her] business, and all books and letters, together with all other papers relating to his [her] business [and all his [her] estate], shall be kept at his [her] place of business or at any other place of safety the committee shall direct. Debtor further agrees that committee shall at all times have free access to all his [her] books, letters and papers pertaining to his [her] business [and all his [her] estate], with full liberty to make extracts and copies.

11. Debtor agrees that, at the end of each month or more often, if required by committee, he [she] will make and deliver to them a general account, in writing, of all receipts and payments and of all other matters and transactions relating to his [her] business [and all his [her] estate] up to the end of the preceding month and also that he [she] will, if required by committee, verify the truth of the accounts on oath.

12. Debtor will timely and in accordance with the law make all tax returns and pay all taxes, including federal and income taxes pertaining to himself [herself], his [her] estate and his [her] business. Debtor will exhibit to committee all tax returns, bills, statements and receipts, and furnish committee with copies of all tax returns.

13. It is agreed that all money, bonds, bills, notes and securities arising from or belonging to the estate and business of debtor, paid in or deposited with the bank designated by committee as provided above, shall not be drawn out, except for the purposes mentioned below, and by draft to be signed by debtor and by at least one member of committee.

14. It is agreed that it shall be lawful for committee, out of the money arising from the estate and business of debtor, first, to pay the costs incurred in preparing and executing this agreement and to satisfy the wages and salaries of clerks, servants, and other persons employed in carrying on the business of debtor, and to pay all other incidental expenses incurred in the conduct and management of debtor's business. After payment, committee will discharge all debts owing from debtor to any person or persons whose debts shall not exceed $_____, or those that agree to accept that sum in full of their respective demands. Next, committee shall pay or allow to debtor, during the term of _________ years, or the extended period if granted as mentioned below, the yearly sum of $_____ for his [her] subsistence and for payment of all taxes as previously stated. Subject to these payments, committee may, from time to time if there is sufficient money, pay a dividend of _____% on the debts now due from debtor to committee and other creditors and pay and distribute all such money to creditors, ratably and in proportion to the amount of their respective debts. After payment and satisfaction of all debts, costs, charges and expenses, committee shall pay over the whole surplus money, if any, to debtor for his [her] own absolute use and benefit.

15. Committee and other creditors agree with debtor that they will accept and receive payment of their debts now respectively owing to them by debtor, in the manner arranged and directed for the payment of debts, according to the true intent and meaning of this agreement.

16. Debtor agrees that, if his [her] debts to the committee and other creditors shall not have been paid in full on or before _________[date], or the extended period if granted as previously mentioned, that he [she], on _________, or another appointed day or time after an extension, will effectively convey, assign and assure to the person or persons committee and other creditors or the major part of them, at a meeting held for that purpose pursuant to _________ days' previous notice in the _________ newspaper, shall direct, all parts of his [her] estate and effects as shall then remain unapplied to the purposes provided above, for the benefit of committee and other

creditors in such manner as they or the majority of them at the meeting shall require. Committee and other creditors agree that on the conveyance, assignment or assurance by debtor they, at the request and costs of debtor, will execute and deliver to him [her] an effectual release and discharge from all his [her] debts and demands owing from his [her] to them respectively, and also deliver to him [her] all bonds, bills, notes and other securities relating to the debts and demands. However, if any of committee or other creditors of the debtor whose debts shall individually or collectively amount to $_____ shall not execute this agreement within the space of _________ calendar months after the date of this agreement if a resident within the United States or within the space of _________ calendar months if a resident elsewhere, then this agreement, so far as it has not been carried into effect, but without prejudice to the agreement so far as it has been carried into effect shall be void.

[Date and signatures]

Contributed by
AAA, LLC
 
Total Forms Contributed 69
 

See All AAA, LLC's Forms
 

Related Forms

Small business, Loan Application Checklist
Business Credit Application
Offer to Purchase Business, Including Goodwill
Non-Disclosure Agreement Template
Employment Agreement - Senior Software Developer

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: Debtor,business,direction,committee,creditors

close