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Some Practical Aspects Of Section 77-B Of The Bankruptcy Act, Roger L. Shidler
Some Practical Aspects Of Section 77-B Of The Bankruptcy Act, Roger L. Shidler
Washington Law Review
Generally speaking, 77-B provides that a corporation which is insolvent or unable to meet its debts as they mature, may file a petition for reorganization under the provisions of the Amendment, and may propose a Plan of Reorganization. The Plan must include provisions modifying or altering the rights of creditors generally, or of any class of them, and may include provisions modifying or altering the rights of stockholders generally. To make the Plan effective, 66 2/3% of each class of creditors affected by the Plan must file acceptances of the Plan, and if the corporation is not insolvent, 51% of …