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22-Dec-2017 03:23

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On June 1, 2009, Motors Liquidation Company (formerly General Motors Corporation) and certain subsidiaries filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. and Remediation And Liability Management Company, Inc., two direct subsidiaries of Motors Liquidation Company, filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code on October 9, 2009.

An order was entered approving the sale of substantially all of Motors Liquidation Company’s assets to a new and independent company under section 363 of the Bankruptcy Code on June 5, 2009. Their chapter 11 cases are being jointly administered with Motors Liquidation Company’s chapter 11 proceedings for procedural purposes only under case number 09-50026 (REG).

However, if the company is insolvent, the creditors may take control of the liquidation process by applying to the court.

In this situation there is potential conflict between creditors (those to whom money is owed), as there will be insufficient assets for all creditors to be paid in full.

Voluntary liquidation may be in one of two forms, depending on whether or not the company is solvent.

If the company is solvent the shareholders can supervise the liquidation.

The application may be brought by the company or a majority of its directors, or by the Registrar of Companies, or by a creditor.

Applications by creditors are by far the most important and common.

In this situation there is potential conflict between creditors (those to whom money is owed), as there will be insufficient assets for all creditors to be paid in full.

Voluntary liquidation may be in one of two forms, depending on whether or not the company is solvent.

If the company is solvent the shareholders can supervise the liquidation.

The application may be brought by the company or a majority of its directors, or by the Registrar of Companies, or by a creditor.

Applications by creditors are by far the most important and common.

In exchange, New GM is required to reimburse the reasonable fees and expenses of the GUC Trust incurred in connection with certain legal proceedings related to the Potential Plaintiffs, and has agreed to discuss in good faith potential compensation for any related delays in future distributions from the GUC Trust.