Liquidating trust agreement and indemnification jeff dye dating
IBC shall indemnify, defend and hold Drinks and its affiliates harmless with respect to all obligations of IBC arising from or incident or related to this Agreement.
SETTLEMENT AGREEMENT AND RELEASE (Settlement Agreement) dated April 8, 2011 by and among CONRAD MYERS, in his capacity as Liquidating Trustee of the DBSI LIQUIDATING TRUST (the Liquidating Trust), JAMES R.
A trustee qualifies as a representative of the estate if a successful recover would benefit, directly or indirectly, the debtor’s the creditors that are beneficiaries of the trust. The transfer will be treated as a deemed transfer to the beneficiary-creditors followed by a deemed transfer by the beneficiary-creditors to the trust.
The provisions set forth in this section shall survive any termination of this Agreement.
In signing this Agreement, the Parties has been advised of, understand and knowingly waive their rights under California Civil Code Section 1542 which provides as follows: A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.
Section 1123(b) (3) of the Bankruptcy Code facilitates the use of a liquidating trust for prompt administration of the estate by providing post-confirmation standing to an appointed representative of the estate to enforce claims and interests.
By establishing a liquidating trust pursuant to section 1123(b)(3) in a confirmed plan of reorganization or liquidation, a debtor can transfer causes of action and other assets to a trust, for future liquidation and distribution to the debtor’s creditors, and avoid delaying plan confirmation.
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The creditors become the trust beneficiaries and their claims are paid from trust assets by a waterfall established pursuant to the plan.