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glossary of terms

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341 MEETING
A meeting held before creditors, and sometimes interest holders, of a debtor.

A

ADMINISTRATIVE BAR DATE
The date by which all administrative claims need to be filed with the Court or Claims Agent.

ADMINISTRATIVE CLAIM
A claim for a debt incurred after the debtor filed its bankruptcy petition (also known as a post petition claim).

AFFIDAVIT OF SERVICE
A certifying document filed with the Court indicating the date a particular notice or document was served upon a particular party (or parties) at a specified address and describing the manner of such service. When done by an attorney, it is called a certificate of service.

ALLOWED AMOUNT
The amount allowed for a particular claim (may or may not be the asserted claim amount).

ALLOWED CLAIM
A filed or scheduled claim allowed by the debtor and/or approved by the Court for payment under the plan.

AMENDING CLAIM
Any claim which amends and replaces a previously filed claim.

AMENDMENTS TO SCHEDULES
After the schedules are filed with the Court additional information and/or creditors may come to light. The debtor may be required to amend its schedules to reflect this new information.

APPEARANCE, NOTICE OF
Any request filed under section 2002 of the Code for service of all papers and notices in reference to the case.

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B

BALLOT
The document used for any interested party to vote to accept or reject the debtor’s plan or reorganization.

BALLOT CLASS
The way a particular creditor or group of creditors is defined for purposes of voting and distribution, as outlined in the plan of reorganization.

BANKRUPTCY CLERK
The court officer responsible for, among other things, receiving and maintaining the bankruptcy records in a particular district.

BANKRUPTCY CODE
Title 11 of the United States Code.

BANKRUPTCY COURT
The judicial office where a case or proceeding is filed and pending.

BANKRUPTCY RULES
The Federal Rules of Bankruptcy Procedure governing procedures to be used in Bankruptcy Courts.

BAR DATE
The deadline as ordered by the Court, for filing proofs of claim or proofs of interest against the debtor.

BAR DATE NOTICE
The notice sent to all creditors and interested parties indicating the deadline for filing any proofs of claim or proofs of interest, and the procedure for filing same.

BRE
A business reply envelope, often included with the balloting package mailed to creditors for the swift return of an executed ballot.

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C

CASE NUMBER
A unique number assigned to each debtor by the Bankruptcy Court on the day a petition is filed for identification and reference throughout the remainder of the case.

CHAPTER 11
The section of the United States Code that specifies the bankruptcy laws applicable to reorganizing a company.

CLAIM
The right to payment, or right to an equitable remedy for breach of performance if such breach gives rise to payment, whether or not such right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured.

CLAIM AMOUNT
The amount a creditor is owed by the debtor.

CLAIM CLASS
The way a claim is categorized under the Code indicating the order and/or manner of payment.

CLAIM TRANSFER
The acquisition by a third party from the original creditor of any interest in a filed or scheduled claim.

CLAIMANT
A creditor holding a filed or scheduled claim against the debtor.

CLAIMS AGENT
A Court-appointed entity that assumes the duties of the Court for receiving, docketing, and/or maintaining claims filed against a debtor.

CLAIMS REGISTER
An official list of claims filed against a debtor, usually indicating the name and address of each creditor, the date it filed its claim, and the amount and classification of that claim.

CLERK or CLERK OF THE COURT
(see
BANKRUPTCY CLERK).

CODE
(see BANKRUPTCY CODE).

CODEBTOR
An entity that is liable with the debtor to a creditor.

COMMENCEMENT OF CASE
The official beginning of a voluntary case as determined by the filing of the petition with the Court.

CONFIRMATION ORDER
The Court order approving the plan and discharging the debtor from any debt that arose before the confirmation date.

CONFIRMATION DATE
The date the Court confirms or approves a plan.

CONFIRMATION HEARING
The Court hearing where the debtor and debtor’s counsel present the plan for the Court’s approval and demonstrate that all required Code criteria for confirmation have been met including, but not limited to, plan acceptance by the creditors.

CONTINGENT CLAIM
A claim that is dependent on or conditioned by someone or something else, usually indicated in the schedules. If the liability is listed in the Schedules as contingent, the creditor holding such claim is required to file a proof of claim.

COURT
(see BANKRUPTCY COURT).

CREDITOR
Any entity that has a claim, real or potential, against the debtor.

CREDITORS’ COMMITTEE
A committee selected to represent the interests of the general unsecured creditors against debtor.

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D

DEBTOR
The company, person or municipality that filed or against whom was filed a bankruptcy petition.

DEBTOR IN POSSESSION
A debtor whose officers and directors operate the business and manage the properties of a debtor during the bankruptcy case.

DELIVERABILITY
The term used to describe the status of a creditor’s mailing address. The U.S. Postal service will define an address as “deliverable” or “undeliverable”.

DISCLOSURE HEARING
The hearing at which the Court determines whether the debtor’s disclosure statement contains adequate information regarding the plan. Only if determined to contain such information may the debtor solicit acceptance or rejection of that plan.

DISCLOSURE STATEMENT
A statement by the debtor disclosing adequate information about its plan of reorganization, payments to be made to creditors and its post-petition operations so that each holder of a claim or interest may make an informed decision when voting on that plan.

DISPUTED CLAIM
A claim the debtor considers under dispute. If a claim is scheduled as disputed, the creditor holding such claim must file a proof of claim for that claim to be viable.

DOCKETING
The process by which filed claims are registered by the Court or Claims Agent. Such process includes stamping the claims with the date of receipt and assigning each a unique identifying claim number.

DUPLICATE CLAIM
A claim that duplicates another claim.

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E

EFFECTIVE DATE
The date a confirmed plan of reorganization goes into effect.

ESCHEAT CLAIM
A claim for unclaimed or abandoned property, usually filed by a governmental authority.

ESTIMATED AMOUNT
A working total for a claim or liability against the debtor when a definitive amount is not yet assessable.

EQUITY SECURITY
An ownership interest in a debtor, i.e., a share in a corporation, whether or not transferable or denominated “stock”, or similar security; an interest of a limited partner in a limited partnership; or a warrant or right.

EXECUTORY CONTRACTS
A written agreement between the debtor and a creditor pursuant to which obligations remain due by both sides.

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F

FILE DATE
The date a document is officially filed with the Court or an agent of the Court.

FINAL DECREE
An order closing a bankruptcy case once it has been fully administered.

FINAL ORDER
An order of the Court as to which (a) any appeal that can be taken has been determined finally or dismissed, (b) the time for appeal has expired and no timely appeal has been filed, or (c) the time for appeal has expired and no motion or similar pleading having the effect of tolling or otherwise extending the time to file and appeal has been filed.

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G

GENERAL UNSECURED CLAIM
A prepetition claim that is not entitled to priority in distribution.

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H

HEARING DATE
The date an issue is presented in Court as scheduled by the Court.

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J

JOINTLY ADMINISTERED
A consolidation of two or more debtors under one case and one case number for easier administration.

JUDGMENT
A decision rendered by a Court.

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L

LEASE ASSUMPTION
A debtor in possession’s agreement, with Court approval, to undertake remaining obligations due under an unexpired executory contract.

LEASE REJECTION
A debtor in possession's decision, with or without Court approval, to reject remaining obligations due under unexpired executory contracts.

LIABILITY
An obligation of the debtor to a creditor.

LIEN
A charge against or interest in property to secure payment of a debt or performance or an obligation.

LIQUIDATED AMOUNT
An amount that has been determined and specified as opposed to one that is undetermined (see
UNLIQUIDATED).

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M

MULTIPLE CLASS CLAIM
An asserted claim with more than one classification; i.e., secured, general unsecured, priority, or administrative.

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N

NOTICING
The official way that the debtor communicates with its creditors and other parties in interest, usually via the U.S. Postal Service.

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O

OBJECTION TO CLAIM
The procedure by which the debtor in possession objects to claims (usually done by motion filed before the Court), in hopes of reconciling that claim to its books and records.

OBJECTION HEARING
The Court hearing to determine the merit of the debtor’s motion objecting to claims.

OBJECTION NOTICE
The notice the debtor sends to creditors whose claims are the subject of an objection before the Court for the purpose of giving such creditors an opportunity to respond to the objection.

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P

PETITION DATE
The date a petition for bankruptcy protection is filed with the Court. Any event occurring or deemed to occur before that date is known as a prepetition event. Any event occurring after that date is known as a postpetition event.

PLAN ADMINISTRATOR
The individual or company responsible for implementing the plan.

PLAN OF REORGANIZATION
The document setting forth how the debtor proposes to reorganize. The plan is sent to creditors for the solicitation of their vote for or against the plan, accompanied by a disclosure statement found by the Court to contain adequate information. Once approved by the creditors, the Court must rule whether that plan complies with bankruptcy requirements. If the Court finds such compliance, it will approve, or "confirm," the plan.

PREPETITION CLAIM
A claim that arose on or before the commencement of a bankruptcy case.

PRIORITY CLAIM
An unsecured prepetition claim entitled to priority payment under the Code.

PROOF OF CLAIM
A claim filed with the Bankruptcy Court or its agent setting forth the debt a debtor owes to a creditor, often in the form of official bankruptcy form B10.

PROOF OF INTEREST
An interest filed with the Bankruptcy Court or its agent setting forth an entity's ownership interest in a debtor.

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R

RECLAMATION CLAIM
A demand for the return of goods sold to the debtor in the ordinary course of business within 10 days before the bankruptcy filing. If the goods are identifiable, and provided a proper reclamation demand has been made, the debtor generally must return those goods or pay for them in full.

RECONCILIATION PROCESS

The comparison conducted by the debtor between the proofs of claims and the debtor's books and records to determine the merit of proofs of claims and to prepare for claims objections.

RECORD DATE
A record date is a date established for purposes of inclusion and exclusion. For example, record dates are often used to establish which stockholders are entitled to vote as determined by the date they held or acquired their stock.

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S

SCHEDULED CLAIM
A claim scheduled by the debtor in its Schedules of Assets and Liabilities.

SCHEDULES OF ASSETS AND LIABILITIES
Schedules a debtor must file with the Bankruptcy Court setting forth its assets and liabilities as of the petition date.

SECURED CLAIM
A claim setting forth an ownership interest, such as a lien, in certain property of a debtor.

SECURITY
Any ownership instrument in or debt instrument of a debtor.

SERVICE LIST
A list of parties in interest that must receive notice of pleadings filed with the Court.

SETOFF RIGHT
The ability of offsetting a creditor's debt to a debtor with that creditor's claim against a debtor.

SOLICITATION
A request made to creditors or interest holders to vote for or against a plan of reorganization.

STATEMENT OF FINANCIAL AFFAIRS (SOFA)
A statement that must be filed with the Bankruptcy Court setting forth a debtor's financial affairs as of the petition date.

SUPERSEDED CLAIM
A scheduled claim that is replaced by a filed proof of claim.

SUPPORTING DOCUMENTATION
Any documents attached to a proof of claim or proof of interest designed to prove the merit of that claim or interest; i.e., invoices for claims and a copy of a stock certificate for interests.

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T

TRANSFERRED CLAIM
A claim transferred by a creditor to a third party.

TRUSTEE
If a debtor may not serve as a debtor in possession, the Court will appoint a trustee to oversee the operation and management of the debtor. This is not to be confused with the U.S. Trustee.

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U

UNDELIVERABLE
A United States Postal Service term used for mail which cannot be delivered to a particular party as addressed. This may be because the party has moved and left no forwarding address, the forwarding address has expired, or the address is incomplete. Efforts must be made to make undeliverable mail deliverable whenever possible. New and better addresses for creditors of the debtor should be provided to the Noticing Agent as a matter of course.

UNLIQUIDATED
A liability in the schedules or a claim against the debtor is considered unliquidated if the amount owing has not been determined. This may be the case for claims that include accruing interest, attorney fees and other administrative costs, or for claims for which the amount due simply cannot be established.

UNSECURED NONPRIORITY CLAIM
(see
GENERAL UNSECURED CLAIM).

UNSECURED PRIORITY CLAIM
(see PRIORITY CLAIM).

U.S. TRUSTEE
An official in each Bankruptcy Court appointed to oversee bankruptcy cases.


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