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(a) Chapter 11—Depositing Funds Before the Plan is Confirmed. Before a plan is confirmed in a Chapter 11 case, the court may order that the consideration required to be distributed upon confirmation be deposited with the trustee or debtor in possession. Any funds deposited must be kept in a special account established for the sole purpose of making the distribution.
(b) Chapter 9 or 11—Objecting to Confirmation; Confirmation Hearing.
(1) Objecting to Confirmation. In a Chapter 9 or 11 case, an objection to confirmation is governed by Rule 9014. The objection must be filed and served within the time set by the court and be served on:
- the debtor;
- the trustee;
- the plan proponent;
- any appointed committee; and
- any other entity the court designates.
(2) Copy to the United States Trustee. In a Chapter 11 case, the objecting party must send a copy of the objection to the United States trustee within the time set to file an objection.
(3) Hearing on the Objection; Procedure If No Objection Is Filed. After notice and a hearing as provided in Rule 2002, the court must rule on confirmation. If no objection is timely filed, the court may, without receiving evidence, determine that the plan was proposed in good faith and not by any means forbidden by law.
(c) Confirmation Order.
(1) Form of the Order; Injunctive Relief. A confirmation order must conform to Form 315. If the plan provides for an injunction against conduct not otherwise enjoined under the Code, the order must:
(A) describe the acts enjoined in reasonable detail;
(B) be specific in its terms regarding the injunction; and
(C) identify the entities subject to the injunction.
(2) Notice of Confirmation. Notice of entry of a confirmation order must be promptly mailed to:
- the debtor;
- the trustee;
- creditors;
- equity security holders;
- other parties in interest; and
- if known, identified entities subject to an injunction described in (1).
(3) Copy to the United States Trustee. In a Chapter 11 case, a copy of the order must be sent to the United States trustee under Rule 2002(k).
(d) Retained Power to Issue Future Orders Relating to Administration. After a plan is confirmed, the court may continue to issue orders needed to administer the estate.
(e) Staying a Confirmation Order. Unless the court orders otherwise, a confirmation order is stayed for 14 days after its entry.
ABI Related Resources
Your trusted source for original insolvency articles and legislative updates.
| Article | Date |
|---|---|
| Confirmation Is Not the End of the Case | 04/30/2005 |
| Bankruptcy Appeals | 05/31/2005 |
| Investing in an Appeal The Dilemma Facing an Appellant of Confirmation Orders | 04/30/2013 |
| Knowing When to Pull the Plug Prior to Plan Confirmation | 10/31/2012 |
| Benchnotes Apr 2013 | 03/31/2013 |
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