proof of claim assignment

Rule 3001. Proof of Claim

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(a) Form and Content. A proof of claim is a written statement setting forth a creditor's claim. A proof of claim shall conform substantially to the appropriate Official Form.

(b) Who May Execute. A proof of claim shall be executed by the creditor or the creditor's authorized agent except as provided in Rules 3004 and 3005 .

(c) Supporting Information.

(1) Claim Based on a Writing. Except for a claim governed by paragraph (3) of this subdivision, when a claim, or an interest in property of the debtor securing the claim, is based on a writing, a copy of the writing shall be filed with the proof of claim. If the writing has been lost or destroyed, a statement of the circumstances of the loss or destruction shall be filed with the claim.

(2) Additional Requirements in an Individual Debtor Case; Sanctions for Failure to Comply. In a case in which the debtor is an individual:

(A) If, in addition to its principal amount, a claim includes interest, fees, expenses, or other charges incurred before the petition was filed, an itemized statement of the interest, fees, expenses, or charges shall be filed with the proof of claim.

(B) If a security interest is claimed in the debtor’s property, a statement of the amount necessary to cure any default as of the date of the petition shall be filed with the proof of claim.

(C) If a security interest is claimed in property that is the debtor’s principal residence, the attachment prescribed by the appropriate Official Form shall be filed with the proof of claim. If an escrow account has been established in connection with the claim, an escrow account statement prepared as of the date the petition was filed and in a form consistent with applicable nonbankruptcy law shall be filed with the attachment to the proof of claim.

(D) If the holder of a claim fails to provide any information required by this subdivision (c), the court may, after notice and hearing, take either or both of the following actions:

(i) preclude the holder from presenting the omitted information, in any form, as evidence in any contested matter or adversary proceeding in the case, unless the court determines that the failure was substantially justified or is harmless; or

(ii) award other appropriate relief, including reasonable expenses and attorney’s fees caused by the failure.

(3) Claim Based on an Open-End or Revolving Consumer Credit Agreement.

(A) When a claim is based on an open-end or revolving consumer credit agreement — except one for which a security interest is claimed in the debtor’s real property — a statement shall be filed with the proof of claim, including all of the following information that applies to the account:

(i) the name of the entity from whom the creditor purchased the account;

(ii) the name of the entity to whom the debt was owed at the time of an account holder’s last transaction on the account;

(iii) the date of an account holder’s last transaction;

(iv) the date of the last payment on the account; and

(v) the date on which the account was charged to profit and loss.

(B) On written request by a party in interest, the holder of a claim based on an open-end or revolving consumer credit agreement shall, within 30 days after the request is sent, provide the requesting party a copy of the writing specified in paragraph (1) of this subdivision.

(d) Evidence of Perfection of Security Interest. If a security interest in property of the debtor is claimed, the proof of claim shall be accompanied by evidence that the security interest has been perfected.

(e) Transferred Claim.

(1) Transfer of Claim Other Than for Security Before Proof Filed . If a claim has been transferred other than for security before proof of the claim has been filed, the proof of claim may be filed only by the transferee or an indenture trustee.

(2) Transfer of Claim Other than for Security after Proof Filed . If a claim other than one based on a publicly traded note, bond, or debenture has been transferred other than for security after the proof of claim has been filed, evidence of the transfer shall be filed by the transferee. The clerk shall immediately notify the alleged transferor by mail of the filing of the evidence of transfer and that objection thereto, if any, must be filed within 21 days of the mailing of the notice or within any additional time allowed by the court. If the alleged transferor files a timely objection and the court finds, after notice and a hearing, that the claim has been transferred other than for security, it shall enter an order substituting the transferee for the transferor. If a timely objection is not filed by the alleged transferor, the transferee shall be substituted for the transferor.

(3) Transfer of Claim for Security Before Proof Filed . If a claim other than one based on a publicly traded note, bond, or debenture has been transferred for security before proof of the claim has been filed, the transferor or transferee or both may file a proof of claim for the full amount. The proof shall be supported by a statement setting forth the terms of the transfer. If either the transferor or the transferee files a proof of claim, the clerk shall immediately notify the other by mail of the right to join in the filed claim. If both transferor and transferee file proofs of the same claim, the proofs shall be consolidated. If the transferor or transferee does not file an agreement regarding its relative rights respecting voting of the claim, payment of dividends thereon, or participation in the administration of the estate, on motion by a party in interest and after notice and a hearing, the court shall enter such orders respecting these matters as may be appropriate.

(4) Transfer of Claim for Security after Proof Filed . If a claim other than one based on a publicly traded note, bond, or debenture has been transferred for security after the proof of claim has been filed, evidence of the terms of the transfer shall be filed by the transferee. The clerk shall immediately notify the alleged transferor by mail of the filing of the evidence of transfer and that objection thereto, if any, must be filed within 21 days of the mailing of the notice or within any additional time allowed by the court. If a timely objection is filed by the alleged transferor, the court, after notice and a hearing, shall determine whether the claim has been transferred for security. If the transferor or transferee does not file an agreement regarding its relative rights respecting voting of the claim, payment of dividends thereon, or participation in the administration of the estate, on motion by a party in interest and after notice and a hearing, the court shall enter such orders respecting these matters as may be appropriate.

(5) Service of Objection or Motion; Notice of Hearing . A copy of an objection filed pursuant to paragraph (2) or (4) or a motion filed pursuant to paragraph (3) or (4) of this subdivision together with a notice of a hearing shall be mailed or otherwise delivered to the transferor or transferee, whichever is appropriate, at least 30 days prior to the hearing.

(f) Evidentiary Effect. A proof of claim executed and filed in accordance with these rules shall constitute prima facie evidence of the validity and amount of the claim.

(g) 1 To the extent not inconsistent with the United States Warehouse Act or applicable State law, a warehouse receipt, scale ticket, or similar document of the type routinely issued as evidence of title by a grain storage facility, as defined in section 557 of title 11, shall constitute prima facie evidence of the validity and amount of a claim of ownership of a quantity of grain.

(As amended Pub. L. 98–353, title III, §354, July 10, 1984, 98 Stat. 361; Apr. 30, 1991, eff. Aug. 1, 1991; Mar. 26, 2009, eff. Dec. 1, 2009; Apr. 26, 2011, eff. Dec. 1, 2011; Apr. 23, 2012, eff. Dec. 1, 2012.)

Notes of Advisory Committee on Rules—1983

This rule is adapted from former Bankruptcy Rules 301 and 302. The Federal Rules of Evidence, made applicable to cases under the Code by Rule 1101, do not prescribe the evidentiary effect to be accorded particular documents. Subdivision (f) of this rule supplements the Federal Rules of Evidence as they apply to cases under the Code.

Subdivision (c) . This subdivision is similar to former Bankruptcy Rule 302(c) and continues the requirement for the filing of any written security agreement and provides that the filing of a duplicate of a writing underlying a claim authenticates the claim with the same effect as the filing of the original writing. Cf . Rules 1001(4) and 1003 of F.R. of Evid. Subdivision (d) together with the requirement in the first sentence of subdivision (c) for the filing of any written security agreement, is designed to facilitate the determination whether the claim is secured and properly perfected so as to be valid against the trustee.

Subdivision (d) . “Satisfactory evidence” of perfection, which is to accompany the proof of claim, would include a duplicate of an instrument filed or recorded, a duplicate of a certificate of title when a security interest is perfected by notation on such a certificate, a statement that pledged property has been in possession of the secured party since a specified date, or a statement of the reasons why no action was necessary for perfection. The secured creditor may not be required to file a proof of claim under this rule if he is not seeking allowance of a claim for a deficiency. But see §506(d) of the Code.

Subdivision (e) . The rule recognizes the differences between an unconditional transfer of a claim and a transfer for the purpose of security and prescribes a procedure for dealing with the rights of the transferor and transferee when the transfer is for security. The rule clarifies the procedure to be followed when a transfer precedes or follows the filing of the petition. The interests of sound administration are served by requiring the post-petition transferee to file with the proof of claim a statement of the transferor acknowledging the transfer and the consideration for the transfer. Such a disclosure will assist the court in dealing with evils that may arise out of post-bankruptcy traffic in claims against an estate. Monroe v. Scofield , 135 F.2d 725 (10th Cir. 1943); In re Philadelphia & Western Ry ., 64 F. Supp. 738 (E.D. Pa. 1946); cf. In re Latham Lithographic Corp ., 107 F.2d 749 (2d Cir. 1939). Both paragraphs (1) and (3) of this subdivision, which deal with a transfer before the filing of a proof of claim, recognize that the transferee may be unable to obtain the required statement from the transferor, but in that event a sound reason for such inability must accompany the proof of claim filed by the transferee.

Paragraphs (3) and (4) clarify the status of a claim transferred for the purpose of security. An assignee for security has been recognized as a rightful claimant in bankruptcy. Feder v. John Engelhorn & Sons , 202 F.2d 411 (2d Cir. 1953). An assignor's right to file a claim notwithstanding the assignment was sustained in In re R & L Engineering Co ., 182 F. Supp. 317 (S.D. Cal. 1960). Facilitation of the filing of proofs by both claimants as holders of interests in a single claim is consonant with equitable treatment of the parties and sound administration. See In re Latham Lithographic Corp ., 107 F.2d 749 (2d Cir. 1939).

Paragraphs (2) and (4) of subdivision (e) deal with the transfer of a claim after proof has been filed. Evidence of the terms of the transfer required to be disclosed to the court will facilitate the court's determination of the appropriate order to be entered because of the transfer.

Paragraph (5) describes the procedure to be followed when an objection is made by the transferor to the transferee's filed evidence of transfer.

Notes of Advisory Committee on Rules—1987

Subdivision (g) was added by §354 of the 1984 amendments.

Notes of Advisory Committee on Rules—1991 Amendment

Subdivision (a) is amended in anticipation of future revision and renumbering of the Official Forms.

Subdivision (e) is amended to limit the court's role to the adjudication of disputes regarding transfers of claims. If a claim has been transferred prior to the filing of a proof of claim, there is no need to state the consideration for the transfer or to submit other evidence of the transfer. If a claim has been transferred other than for security after a proof of claim has been filed, the transferee is substituted for the transferor in the absence of a timely objection by the alleged transferor. In that event, the clerk should note the transfer without the need for court approval. If a timely objection is filed, the court's role is to determine whether a transfer has been made that is enforceable under nonbankruptcy law. This rule is not intended either to encourage or discourage postpetition transfers of claims or to affect any remedies otherwise available under nonbankruptcy law to a transferor or transferee such as for misrepresentation in connection with the transfer of a claim. “After notice and a hearing” as used in subdivision (e) shall be construed in accordance with paragraph (5).

The words “with the clerk” in subdivision (e)(2) and (e)(4) are deleted as unnecessary. See Rules 5005(a) and 9001(3).

Committee Notes on Rules—2009 Amendment

The rule is amended to implement changes in connection with the amendment to Rule 9006(a) and the manner by which time is computed under the rules. The deadlines in the rule are amended to substitute a deadline that is a multiple of seven days. Throughout the rules, deadlines are amended in the following manner:

• 5-day periods become 7-day periods

• 10-day periods become 14-day periods

• 15-day periods become 14-day periods

• 20-day periods become 21-day periods

• 25-day periods become 28-day periods

Committee Notes on Rules—2011 Amendment I

Subdivision (c). Subdivision (c) is amended to prescribe with greater specificity the supporting information required to accompany certain proofs of claim and, in cases in which the debtor is an individual, the consequences of failing to provide the required information.

Existing subdivision (c) is redesignated as (c)(1).

Subdivision (c)(2) is added to require additional information to accompany proofs of claim filed in cases in which the debtor is an individual. When the holder of a claim seeks to recover – in addition to the principal amount of a debt – interest, fees, expenses, or other charges, the proof of claim must be accompanied by a statement itemizing these additional amounts with sufficient specificity to make clear the basis for the claimed amount.

If a claim is secured by a security interest in the property of the debtor and the debtor defaulted on the claim prior to the filing of the petition, the proof of claim must be accompanied by a statement of the amount required to cure the prepetition default.

If the claim is secured by a security interest in the debtor’s principal residence, the proof of claim must be accompanied by the attachment prescribed by the appropriate Official Form. In that attachment, the holder of the claim must provide the information required by subparagraphs (A) and (B) of this paragraph (2). In addition, if an escrow account has been established in connection with the claim, an escrow account statement showing the account balance, and any amount owed, as of the date the petition was filed must be submitted in accordance with subparagraph (C). The statement must be prepared in a form consistent with the requirements of nonbankruptcy law. See, e.g. , 12 U.S.C. § 2601 et seq . (Real Estate Settlement Procedure Act). Thus the holder of the claim may provide the escrow account statement using the same form it uses outside of bankruptcy for this purpose.

Subparagraph (D) of subdivision (c)(2) sets forth sanctions that the court may impose on a creditor in an individual debtor case that fails to provide information required by subdivision (c). Failure to provide the required information does not itself constitute a ground for disallowance of a claim. See § 502(b) of the Code. But when an objection to the allowance of a claim is made or other litigation arises concerning the status or treatment of a claim, if the holder of that claim has not complied with the requirements of this subdivision, the court may preclude it from presenting as evidence any of the omitted information, unless the failure to comply with this subdivision was substantially justified or harmless. The court retains discretion to allow an amendment to a proof of claim under appropriate circumstances or to impose a sanction different from or in addition to the preclusion of the introduction of evidence.

Changes Made After Publication

Subdivision (c)(1). The requirement that the last account statement sent to the debtor be filed with the proof of claim was deleted.

Subdivision (c)(2). In subparagraph (C), a provision was added requiring the use of the appropriate Official Form for the attachment filed by a holder of a claim secured by a security interest in a debtor’s principal residence.

In subdivision (c)(2)(D), the clause “the holder shall be precluded” was deleted, and the provision was revised to state that “the court may, after notice and hearing, take either or both” of the specified actions.

Committee Note . In the discussion of subdivision (c)(2), the term “security interest” was added to the sentence that discusses the required filing of a statement of the amount necessary to cure a prepetition default.

The discussion of subdivision (c)(2)(D) was expanded to clarify that failure to provide required documentation, by itself, is not a ground for disallowance of a claim and that the court has several options in responding to a creditor’s failure to provide information required by subdivision (c).

Other changes . Stylistic changes were made to the rule and the Committee Note.

Committee Notes on Rules—2011 Amendment II

Subdivision (c). Subdivision (c) is amended in several respects. The former requirement in paragraph (1) to file an original or duplicate of a supporting document is amended to reflect the current practice of filing only copies. The proof of claim form instructs claimants not to file the original of a document because it may be destroyed by the clerk’s office after scanning.

Subdivision (c) is further amended to add paragraph (3). Except with respect to claims secured by a security interest in the debtor’s real property (such as a home equity line of credit), paragraph (3) specifies information that must be provided in support of a claim based on an open-end or revolving consumer credit agreement (such as an agreement underlying the issuance of a credit card). Because a claim of this type may have been sold one or more times prior to the debtor’s bankruptcy, the debtor may not recognize the name of the person filing the proof of claim. Disclosure of the information required by paragraph (3) will assist the debtor in associating the claim with a known account. It will also provide a basis for assessing the timeliness of the claim. The date, if any, on which the account was charged to profit and loss (“charge-off” date) under subparagraph (A)(v) should be determined in accordance with applicable standards for the classification and account management of consumer credit. A proof of claim executed and filed in accordance with subparagraph (A), as well as the applicable provisions of subdivisions (a), (b), (c)(2), and (e), constitutes prima facie evidence of the validity and amount of the claim under subdivision (f).

To the extent that paragraph (3) applies to a claim, paragraph (1) of subdivision (c) is not applicable. A party in interest, however, may obtain the writing on which an open-end or revolving consumer credit claim is based by requesting in writing that documentation from the holder of the claim. The holder of the claim must provide the documentation within 30 days after the request is sent. The court, for cause, may extend or reduce that time period under Rule 9006.

Subdivision (c)(1) . The requirement for the attachment of a writing on which a claim is based was changed to require that a copy, rather than the original or a duplicate, of the writing be provided.

Subdivision (c)(3) . An exception to subparagraph (A) was added for open-end or revolving consumer credit agreements that are secured by the debtor’s real property. A time limit of 30 days for responding to a written request under subparagraph (B) was added.

Committee Note . A statement was added to clarify that if a proof of claim complies with subdivision (c)(3)(A), as well as with subdivisions (a), (b), (c)(2), and (e), it constitutes prima facie evidence of the validity and amount of the claim under subdivision (f).

Other changes . Stylistic changes were also made to the rule.

References in Text

The United States Warehouse Act, referred to in subd. (g), is Part C of act Aug. 11, 1916, ch. 313, 39 Stat. 486, as amended, which is classified generally to chapter 10 (§241 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see Short Title note set out under section 241 of Title 7 and Tables.

Amendment by Public Law

1984 —Subd. (g). Pub. L. 98–353 added subd. (g).

Effective Date of 1984 Amendment

Amendment by Pub. L. 98–353 effective with respect to cases filed 90 days after July 10, 1984, see section 552(a) of Pub. L. 98–353, set out as a note under section 101 of this title.

1 So in original. Subsec. (g) enacted without a catchline.

INSTRUCTIONS FOR PROOF OF CLAIM FORM

The instructions and definitions below are general explanations. In certain circumstances, exceptions to these general rules may apply.

Items to be completed in Proof of Claim form

DEFINITIONS

INFORMATION

In The (Red)

The Business Bankruptcy Blog

Assignments For The Benefit Of Creditors: Simple As ABC?

Companies in financial trouble are often forced to liquidate their assets to pay creditors. While a Chapter 11 bankruptcy sometimes makes the most sense, other times a Chapter 7 bankruptcy is required, and in still other situations a corporate dissolution may be best. This post examines another of the options, the assignment for the benefit of creditors, commonly known as an "ABC."

A Few Caveats . It’s important to remember that determining which path an insolvent company should take depends on the specific facts and circumstances involved. As in many areas of the law, one size most definitely does not fit all for financially troubled companies. With those caveats in mind, let’s consider one scenario sometimes seen when a venture-backed or other investor-funded company runs out of money.

One Scenario . After a number of rounds of investment, the investors of a privately held corporation have decided not to put in more money to fund the company’s operations. The company will be out of cash within a few months and borrowing from the company’s lender is no longer an option. The accounts payable list is growing (and aging) and some creditors have started to demand payment. A sale of the business may be possible, however, and a term sheet from a potential buyer is anticipated soon. The company’s real property lease will expire in nine months, but it’s possible that a buyer might want to take over the lease.

• A Chapter 11 bankruptcy filing is problematic because there is insufficient cash to fund operations going forward, no significant revenues are being generated, and debtor in possession financing seems highly unlikely unless the buyer itself would make a loan. 
• The board prefers to avoid a Chapter 7 bankruptcy because it’s concerned that a bankruptcy trustee, unfamiliar with the company’s technology, would not be able to generate the best recovery for creditors.

The ABC Option . In many states, another option that may be available to companies in financial trouble is an assignment for the benefit of creditors (or "general assignment for the benefit of creditors" as it is sometimes called). The ABC is an insolvency proceeding governed by state law rather than federal bankruptcy law.

California ABCs . In California, where ABCs have been done for years, the primary governing law is found in California Code of Civil Procedure sections 493.010 to 493.060 and sections 1800 to 1802 , among other provisions of California law. California Code of Civil Procedure section 1802 sets forth, in remarkably brief terms, the main procedural requirements for a company (or individual) making, and an assignee accepting, a general assignment for the benefit of creditors:

1802.  (a) In any general assignment for the benefit of creditors, as defined in Section 493.010, the assignee shall, within 30 days after the assignment has been accepted in writing, give written notice of the assignment to the assignor’s creditors, equityholders, and other parties in interest as set forth on the list provided by the assignor pursuant to subdivision (c).    (b) In the notice given pursuant to subdivision (a), the assignee shall establish a date by which creditors must file their claims to be able to share in the distribution of proceeds of the liquidation of the assignor’s assets.  That date shall be not less than 150 days and not greater than 180 days after the date of the first giving of the written notice to creditors and parties in interest.    (c) The assignor shall provide to the assignee at the time of the making of the assignment a list of creditors, equityholders, and other parties in interest, signed under penalty of  perjury, which shall include the names, addresses, cities, states, and ZIP Codes for each person together with the amount of that person’s anticipated claim in the assignment proceedings.

In California, the company and the assignee enter into a formal "Assignment Agreement." The company must also provide the assignee with a list of creditors, equityholders, and other interested parties (names, addresses, and claim amounts). The assignee is required to give notice to creditors of the assignment, setting a bar date for filing claims with the assignee that is between five to six months later.

ABCs In Other States . Many other states have ABC statutes although in practice they have been used to varying degrees. For example, ABCs have been more common in California than in states on the East Coast, but important exceptions exist. Delaware corporations can generally avail themselves of Delaware’s voluntary assignment statutes , and its procedures have both similarities and important differences from the approach taken in California. Scott Riddle of the Georgia Bankruptcy Law Blog has an interesting post discussing ABC’s under Georgia law . Florida is another state in which ABCs are done under specific statutory procedures . For an excellent book that has information on how ABCs are conducted in various states, see Geoffrey Berman’s General Assignments for the Benefit of Creditors: The ABCs of ABCs , published by the American Bankruptcy Institute .

Important Features Of ABCs . A full analysis of how ABCs function in a particular state and how one might affect a specific company requires legal advice from insolvency counsel. The following highlights some (but by no means all) of the key features of ABCs:

• Court Filing Issue . In California, making an ABC does not require a public court filing. Some other states, however, do require a court filing to initiate or complete an ABC.
• Select The Assignee . Unlike a Chapter 7 bankruptcy trustee, who is randomly appointed from those on an approved panel, a corporation making an assignment is generally able to choose the assignee.
• Shareholder Approval . Most corporations require both board and shareholder approval for an ABC because it involves the transfer to the assignee of substantially all of the corporation’s assets. This makes ABCs impractical for most publicly held corporations.
• Liquidator As Fiduciary . The assignee is a fiduciary to the creditors and is typically a professional liquidator.
• Assignee Fees . The fees charged by assignees often involve an upfront payment and a percentage based on the assets liquidated.
• No Automatic Stay . In many states, including California, an ABC does not give rise to an automatic stay  like bankruptcy, although an assignee can often block judgment creditors from attaching assets.
• Event Of Default . The making of a general assignment for the benefit of creditors is typically a default under most contracts. As a result, contracts may be terminated upon the assignment under an ipso facto clause .
• Proof Of Claim . For creditors, an ABC process generally involves the submission to the assignee of a proof of claim by a stated deadline or bar date, similar to bankruptcy. (Click on the link for an example of an ABC proof of claim form .)
• Employee Priority . Employee and other claim priorities are governed by state law and may involve different amounts than apply under the Bankruptcy Code. In California, for example, the employee wage and salary priority is $4,300, not the $10,950 amount currently in force under the Bankruptcy Code.
• 20 Day Goods . Generally, ABC statutes do not have a provision similar to that under Bankruptcy Code Section 503(b)(9) , which gives an administrative claim priority to vendors who sold goods in the ordinary course of business to a debtor during the 20 days before a bankruptcy filing . As a result, these vendors may recover less in an ABC than in a bankruptcy case, subject to assertion of their reclamation rights .
• Landlord Claim . Unlike bankruptcy, there generally is no cap imposed on a landlord’s claim for breach of a real property lease in an ABC.
• Sale Of Assets . In many states, including California, sales by the assignee of the company’s assets are completed as a private transaction without approval of a court. However, unlike a bankruptcy Section 363 sale , there is usually no ability to sell assets "free and clear" of liens and security interests without the consent or full payoff of lienholders. Likewise, leases or executory contracts cannot be assigned without required consents from the other contracting party.
• Avoidance Actions . Most states allow assignees to pursue preferences and fraudulent transfers. However, the U.S. Court of Appeals for the Ninth Circuit has held that the Bankruptcy Code pre-empts California’s preference statute , California Code of Civil Procedure section 1800. Nevertheless, to date the California state courts have refused to follow the Ninth Circuit’s decision and still permit assignees to sue for preferences in California state court . In February 2008, a Delaware state court followed the California state court decisions , refusing either to follow the Ninth Circuit position or to hold that the California preference statute was pre-empted by the Bankruptcy Code. The Delaware court was required to apply California’s ABC preference statute because the avoidance action arose out of an earlier California ABC.

The Scenario Revisited. With this overview in mind, let’s return to our company in distress.

• The prospect of a term sheet from a potential buyer may influence whether our hypothetical company should choose an ABC or another approach. Some buyers will refuse to purchase assets outside of a Chapter 11 bankruptcy or a Chapter 7 case. Others are comfortable with the ABC process and believe it provides an added level of protection from fraudulent transfer claims  compared to purchasing the assets directly from the insolvent company. Depending on the value to be generated by a sale, these considerations may lead the company to select one approach over the other available options.
• In states like California where no court approval is required for a sale, the ABC can also mean a much faster closing — often within a day or two of the ABC itself provided that the assignee has had time to perform due diligence on the sale and any alternatives — instead of the more typical 30-60 days required for bankruptcy court approval of a Section 363 sale. Given the speed at which they can be done, in the right situation an ABC can permit a "going concern" sale to be achieved.
• Secured creditors with liens against the assets to be sold will either need to be paid off through the sale or will have to consent to release their liens; forced "free and clear" sales generally are not possible in an ABC.
• If the buyer decides to take the real property lease, the landlord will need to consent to the lease assignment. Unlike bankruptcy, the ABC process generally cannot force a landlord or other third party to accept assignment of a lease or executory contract.
• If the buyer decides not to take the lease, or no sale occurs, the fact that only nine months remains on the lease means that this company would not benefit from bankruptcy’s cap on landlord claims. If the company’s lease had years remaining, and if the landlord were unwilling to agree to a lease termination approximating the result under bankruptcy’s landlord claim cap, the company would need to consider whether a bankruptcy filing was necessary to avoid substantial dilution to other unsecured creditor claims that a large, uncapped landlord claim would produce in an ABC.
• If the potential buyer walks away, the assignee would be responsible for determining whether a sale of all or a part of the assets was still possible. In any event, assets would be liquidated by the assignee to the extent feasible and any proceeds would be distributed to creditors in order of their priority through the ABC’s claims process.
• While other options are available and should be explored, an ABC may make sense for this company depending upon the buyer’s views, the value to creditors and other constituencies that a sale would produce, and a clear-eyed assessment of alternative insolvency methods. 

Conclusion . When weighing all of the relevant issues, an insolvent company’s management and board would be well-served to seek the advice of counsel and other insolvency professionals as early as possible in the process. The old song may say that ABC is as "easy as 1-2-3," but assessing whether an assignment for the benefit of creditors is best for an insolvent company involves the analysis of a myriad of complex factors.

The "B" Word – Asserting Your Claim in the Wake of a Bankruptcy Filing: Proof of Claim Basics

Bankruptcy Code, Proof of Claim / August 13, 2014

The word “bankruptcy” often strikes dread in the hearts of creditors.  To some, when they hear that someone who owes them money has filed bankruptcy, they envision writing off the debt and never receiving a cent.  However, all is not necessarily lost when a customer files bankruptcy.  There are some steps you can take to assert your claim – one of which is to file a proof of claim.

Although this is intended to provide a basic overview of the proof of claim process, dependent on the type of claim, type of bankruptcy case, and the nuances involved, it is advisable to consult an attorney before filing a proof of claim.

What is a proof of claim?

A proof of claim is a written statement, usually on an official form provided by the court, setting forth a creditor’s claim.  Generally, the proof of claim must be signed by the creditor or its authorized agent.

Why should you file a proof of claim?

In chapter 11 cases, you should file a proof of claim if the debtor does not list the claim in its schedules, lists a different amount due, or lists the claim as disputed, contingent, or unliquidated.  In chapter 7 cases, if it appears that there are no assets from which a dividend can be paid, the notice of the meeting of the creditors may instruct creditors not to file a proof of claim.

What is the deadline to file a proof of claim?

Generally, in chapter 7 or 13 cases, a proof of claim must be filed no later than 90 days after the first date set for the meeting of creditors.  In chapter 11 cases, the deadline for filing a proof of claim is set by the court.

The proof of claim must be filed with the clerk of the bankruptcy court by the deadline. [1]   Be sure to mail the proof of claim sufficiently in advance of the deadline so that it is actually received by the deadline.  Some courts allow proofs of claims to be electronically filed and may provide you login information for the electronic case filing system.

What information should a proof of claim contain?

The proof of claim provides the amount and basis for your claim against the debtor and lists amounts owed to you as of the date the bankruptcy case was filed.  If your claim is based on a written document, a redacted copy of that document must be attached to the proof of claim.  If the document has been lost or destroyed, you must include a statement explaining the circumstances of the loss or destruction.

If the debtor is an individual and the claim includes interest, fees, expenses, or other charges incurred before the debtor filed the bankruptcy petition, then you must attach an itemized statement setting forth these charges.  For instance, if you are a credit card collector, you must attach the credit agreement and a summary showing the name and account number of the debtor, the amount of the debt, the interest rate, and a break down of the interest charges, finance charges, and other fees that make up the balance of the debt, or attach enough monthly statements so that this information can be easily determined.

If the account has been transferred and you are the transferee, you must attach documentation showing your ownership of the claim, such as a copy of the assignment and sufficient information to identify the original account.

If you claim a security interest in the debtor’s property, you must attach a statement of the amount necessary to cure any default as of the date of the petition with the proof of claim and evidence that the security interest has been perfected.

There are additional requirements for creditors who claim a security interest in the debtor’s home.  For example, a mortgage holder, including private lenders, must also attach any escrow statement as of the date the debtor filed bankruptcy.

You should also review the bankruptcy court’s local rules for requirements particular to that jurisdiction.  For instance, the Southern District of Texas requires that, in chapter 13 cases, an approved loan history form be completed and attached to the proof of claim.

What happens after the proof of claim is filed?

A proof of claim executed and filed in accordance with the Bankruptcy Rules is deemed allowed unless an objection is filed.

An objection to a proof of claim puts the parties on notice that litigation may be required, and a court will have to determine whether to allow or disallow the claim.  If your claim is deemed allowed, it should be paid pursuant to the plan in a chapter 11 or chapter 13 case or when a distribution is made in a chapter 7 case.  For an unsecured claim, the amount of the payment will vary depending on the value of the assets liquidated and the amount of the claims filed against the debtor.

As you can see, while it seems that proofs of claim are simple documents that require you to simply fill in the blanks, there are often nuances and complexities that merit reviewing the proof of claim with your lawyer before filing it.  You will also want to monitor the bankruptcy case for activity that may affect your claim.  Additionally, depending on your status as a secured or unsecured creditor, you may have the ability to influence the overall distribution.

[1] In large chapter 11 cases, a claims agent may be responsible for handling the proofs of claim.  In these cases, the notice with the deadline for filing the proofs of claim will provide instructions on where to file the proofs of claim.

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If you are looking for general information about the conservation or liquidation process, please consult our (Frequently Asked Questions). If you are looking for information about a specific insurance company that has been placed under conservation or liquidation by the State of California, please visit our . The CLO, on behalf of the Insurance Commissioner, rehabilitates and/or liquidates, under Court supervision, troubled insurance enterprises domiciled in the State of California. In addition the CLO provides Special Examination Services, with Commissioner and Board oversight. As a fiduciary for the benefit of all claimants, the CLO handles the property of troubled or failed enterprises in a prudent, cost-effective, fair, timely, and expeditious manner. The Conservation and Liquidation Office (CLO) recognizes the rights of claimants to assign their approved claims. The CLO is obliged to ensure that assignments are valid and that the processing of assignments does not create an undue burden on estate resources. Please click on the following for the procedure to obtain claim records and for information regarding the court order authorizing the liquidated Superior National Insurance Companies to discontinue responding to the third party photocopy and subpoena requests. In The News On June 7, 2023 the Insurance Commissioner of the State of California ("Commissioner") was appointed Conservator of Crusader Insurance Company ("Crusader") by the California Superior Court for the County of Los Angeles. The Court, having reviewed the ex parte application and support papers for an order appointing the Commissioner as Conservator of Crusader pursuant to , and good cause appearing, the Court finds that the Commissioner has found, determined and adequately shown that Crusader is in such condition that its further transaction of business will be hazardous to its policyholders, creditors, and the public. Copies of the Crusader can be located at . Proof of Claim forms and instructions have recently been mailed to all parties believed to have a claim against Western General Insurance Company. If you believe you have a claim and have not received a Proof of Claim form by September 10, 2021 you may request a form at: or by phone at (415) 676-2125. For additional Frequently Asked Questions regarding the Proof of Claim process . For the Official Legal Notice: . Por favor encuentre la version en Espanol el formulario de Prueba de Reclamo . Si opta por utilizar la version en Espanol del formulario de Prueba de Reclamo, por favor utilice el numero de reclamo que se encuentra en la version en Ingles que recibio por correo. On August 5, 2021 the Insurance Commissioner was appointed Liquidator of Western General Insurance Company ("WGIC") by the California Superior Court for the County of Los Angeles. After months of effort to seek a buyer for the company or its book of business with no acceptable proposal received to date, the Commissioner deemed the company to be operating in a hazardous financial condition and sought statutory protection of WGIC through a consensual liquidation of the company. Copies of the WGIC Liquidation Order and Frequently Asked Questions can be located at and . On May 26, 2021 the Insurance Commissioner was appointed Conservator of Western General Insurance Company ("WGIC") by the California Superior Court for the County of Los Angeles. After months of effort to seek a buyer for the company or its book of business with no acceptable proposal received to date, the Commissioner deemed the company to be operating in a hazardous financial condition and sought statutory protection of WGIC through a consensual conservation of the company. Over the next 30 to 45 days the Conservator will assess the prospects of the company transitioning the remaining in-force business to new carriers and running off the existing claims within the conservation environment. Copies of the WGIC Conservation Order can be located at This notice deals with holders of approved general creditor claims against Mission Insurance Company Trust and approved policyholder priority proof of claims against Mission National Insurance Company Trust. The Insurance Commissioner as Trustee is planning to file a motion in the near future seeking court approval to make a distribution to approved general creditor priority claimants against Mission Insurance Company Trust and to approved policyholder priority claimants against Mission National Insurance Company Trust for interest. This notice affects only approved proof of claims holders. As part of any such subsequently-filed motion, the Insurance Commissioner as Trustee will request the Liquidation Court to set a "record date" for the distribution, i.e., a date by which any completed CLO Change of Address/Assignment Notification Declaration forms and supporting documents must be received by the Conservation and Liquidation Office to be recognized. This notice advises holders of claims who may be assignors and potential assignees of claims that the record date anticipated to be... On July 1, 2020, a final distribution of approximately $80 million was completed to Executive Life contract holders in accordance with the court approved order dated December 4, 2019. On January 15, 2020 a pre-distribution mailing of address verification/tax election letters went out to Opt-Out contract holders. All contract holders must complete, sign and return the form no later than April 30, 2020 in order to receive their share of the final distribution which is currently scheduled to take place on July 1, 2020. On December 4, 2019, the Superior Court of the State of California, County of Los Angeles, Central District approved the Commissioner's application for a final distribution of approximately $80 million to occur on or about July 1, 2020 and to close the Executive Life Insurance Company... The Deputy Conservator, after considering the relevant circumstances with respect to California Insurance Company and the conservation, hereby consents to California Insurance Company to issuing new and renewal policies and that it may issue such policies wherever situated provided they are issued or renewed in full compliance with the laws and any other applicable regulatory requirements of each of the states in which any such insurance policies are issued and/or renewed by California Insurance Company. California Insurance Company ("CIC") was placed into Conservation on November 4, 2019 by the California Superior Court for the County of San Mateo. FAC Number: 2024-06 Effective Date: 08/29/2024 Subpart 32.8 - Assignment of Claims 32.800 scope of subpart.. This subpart prescribes policies and procedures for the assignment of claims under the Assignment of Claims Act of1940, as amended, ( 31 U.S.C.3727 , 41 U.S.C. 6305 ) (hereafter referred to as "the Act"). 32.801 Definitions. Designated agency , as used in this subpart, means any department or agency of the executive branch of the United States Government (see 32.803 (d)). No-setoff commitment , as used in this subpart, means a contractual undertaking that, to the extent permitted by the Act, payments by the designated agency to the assignee under an assignment of claims will not be reduced to liquidate the indebtedness of the contractor to the Government. 32.802 Conditions. Under the Assignment of Claims Act, a contractor may assign moneys due or to become due under a contract if all the following conditions are met: (a) The contract specifies payments aggregating $1,000 or more. (b) The assignment is made to a bank, trust company, or other financing institution, including any Federal lending agency. (c) The contract does not prohibit the assignment. (d) Unless otherwise expressly permitted in the contract, the assignment- (1) Covers all unpaid amounts payable under the contract; (2) Is made only to one party, except that any assignment may be made to one party as agent or trustee for two or more parties participating in the financing of the contract; and (3) Is not subject to further assignment. (e) The assignee sends a written notice of assignment together with a true copy of the assignment instrument to the- (1) Contracting officer or the agency head ; (2) Surety on any bond applicable to the contract; and (3) Disbursing officer designated in the contract to make payment. 32.803 Policies. (a) Any assignment of claims that has been made under the Act to any type of financing institution listed in 32.802 (b) may thereafter be further assigned and reassigned to any such institution if the conditions in 32.802 (d) and (e) continue to be met. (b) A contract may prohibit the assignment of claims if the agency determines the prohibition to be in the Government’s interest. (c) Under a requirements or indefinite quantity type contract that authorizes ordering and payment by multiple Government activities, amounts due for individual orders for $1,000 or more may be assigned. (d) Any contract of a designated agency (see FAR 32.801 ), except a contract under which full payment has been made, may include a no-setoff commitment only when a determination of need is made by the head of the agency , in accordance with the Presidential delegation of authority dated October 3,1995, and after such determination has been published in the Federal Register. The Presidential delegation makes such determinations of need subject to further guidance issued by the Office of Federal Procurement Policy. The following guidance has been provided: Use of the no-setoff provision may be appropriate to facilitate the national defense ; in the event of a national emergency or natural disaster; or when the use of the no-setoff provision may facilitate private financing of contract performance. However, in the event an offeror is significantly indebted to the United States , the contracting officer should consider whether the inclusion of the no-setoff commitment in a particular contract is in the best interests of the United States . In such an event, the contracting officer should consult with the Government officer(s) responsible for collecting the debt(s). (e) When an assigned contract does not include a no-setoff commitment , the Government may apply against payments to the assignee any liability of the contractor to the Government arising independently of the assigned contract if the liability existed at the time notice of the assignment was received even though that liability had not yet matured so as to be due and payable. 32.804 Extent of assignee’s protection. (a) No payments made by the Government to the assignee under any contract assigned in accordance with the Act may be recovered on account of any liability of the contractor to the Government. This immunity of the assignee is effective whether the contractor’s liability arises from or independently of the assigned contract. (b) Except as provided in paragraph (c) of this section, the inclusion of a no-setoff commitment in an assigned contract entitles the assignee to receive contract payments free of reduction or setoff for- (1) Any liability of the contractor to the Government arising independently of the contract; and (2) Any of the following liabilities of the contractor to the Government arising from the assigned contract: (i) Renegotiation under any statute or contract clause . (ii) Fines. (iii) Penalties, exclusive of amounts that may be collected or withheld from the contractor under, or for failure to comply with, the terms of the contract. (iv) Taxes or social security contributions. (v) Withholding or nonwithholding of taxes or social security contributions. (c) In some circumstances, a setoff may be appropriate even though the assigned contract includes a no-setoff commitment ; e.g.- (1) When the assignee has neither made a loan under the assignment nor made a commitment to do so; or (2) To the extent that the amount due on the contract exceeds the amount of any loans made or expected to be made under a firm commitment for financing. 32.805 Procedure. (a) Assignments. (1) Assignments by corporations shall be- (i) Executed by an authorized representative; (ii) Attested by the secretary or the assistant secretary of the corporation; and (iii) Impressed with the corporate seal or accompanied by a true copy of the resolution of the corporation’s board of directors authorizing the signing representative to execute the assignment. (2) Assignments by a partnership may be signed by one partner, if the assignment is accompanied by adequate evidence that the signer is a general partner of the partnership and is authorized to execute assignments on behalf of the partner-ship. (3) Assignments by an individual shall be signed by that individual and the signature acknowledged before a notary public or other person authorized to administer oaths. (b) Filing. The assignee shall forward to each party specified in 32.802 (e) an original and three copies of the notice of assignment, together with one true copy of the instrument of assignment. The true copy shall be a certified duplicate or photostat copy of the original assignment. (c) Format for notice of assignment. The following is a suggested format for use by an assignee in providing the notice of assignment required by 32.802 (e). Notice of Assignment To: ___________ [ Address to one of the parties specified in 32.802 (e) ]. This has reference to Contract No. __________ dated ______, entered into between ______ [ Contractor’s name and address ] and ______ [ Government agency, name of office, and address ], for ________ [ Describe nature of the contract ]. Moneys due or to become due under the contract described above have been assigned to the undersigned under the provisions of the Assignment of Claims Act of1940, as amended, ( 31 U.S.C.3727 , 41 U.S.C. 6305 ). A true copy of the instrument of assignment executed by the Contractor on ___________ [ Date ], is attached to the original notice. Payments due or to become due under this contract should be made to the undersigned assignee. Please return to the undersigned the three enclosed copies of this notice with appropriate notations showing the date and hour of receipt, and signed by the person acknowledging receipt on behalf of the addressee. Very truly yours, __________________________________________________ [ Name of Assignee ] By _______________________________________________ [ Signature of Signing Officer ] __________________________________________________ [ Titleof Signing Officer ] __________________________________________________ [ Address of Assignee ] Acknowledgement Receipt is acknowledged of the above notice and of a copy of the instrument of assignment. They were received ____(a.m.) (p.m.) on ______, 20___. __________________________________________________ [ Signature ] __________________________________________________ [ Title ] __________________________________________________ On behalf of __________________________________________________ [ Name of Addressee of this Notice ] (d) Examination by the Government. In examining and processing notices of assignment and before acknowledging their receipt, contracting officers should assure that the following conditions and any additional conditions specified in agency regulations, have been met: (1) The contract has been properly approved and executed. (2) The contract is one under which claims may be assigned. (3) The assignment covers only money due or to become due under the contract. (4) The assignee is registered separately in the System for Award Management unless one of the exceptions in 4.1102 applies. (e) Release of assignment. (1) A release of an assignment is required whenever- (i) There has been a further assignment or reassignment under the Act; or (ii) The contractor wishes to reestablish its right to receive further payments after the contractor’s obligations to the assignee have been satisfied and a balance remains due under the contract. (2) The assignee, under a further assignment or reassignment, in order to establish a right to receive payment from the Government, must file with the addressees listed in 32.802 (e) a- (i) Written notice of release of the contractor by the assigning financing institution; (ii) Copy of the release instrument; (iii) Written notice of the further assignment or reassignment; and (iv) Copy of the further assignment or reassignment instrument. (3) If the assignee releases the contractor from an assignment of claims under a contract, the contractor, in order to establish a right to receive payment of the balance due under the contract, must file a written notice of release together with a true copy of the release of assignment instrument with the addressees noted in 32.802 (e). (4) The addressee of a notice of release of assignment or the official acting on behalf of that addressee shall acknowledge receipt of the notice. 32.806 Contract clauses. (1) The contracting officer shall insert the clause at 52.232-23 , Assignment of Claims , in solicitations and contracts expected to exceed the micro-purchase threshold , unless the contract will prohibit the assignment of claims (see 32.803 (b)). The use of the clause is not required for purchase orders . However, the clause may be used in purchase orders expected to exceed the micro-purchase threshold , that are accepted in writing by the contractor, if such use is consistent with agency policies and regulations. (2) If a no-setoff commitment has been authorized (see 32.803 (d)), the contracting officer shall use the clause with its AlternateI. (b) The contracting officer shall insert the clause at 52.232-24 , Prohibition of Assignment of Claims , in solicitations and contracts for which a determination has been made under agency regulations that the prohibition of assignment of claims is in the Government’s interest. Definitions FAC Changes Style Formatter Data Initiatives Regulations Smart Matrix Regulations Search Acquisition Regulation Comparator (ARC) Large Agencies Small Agencies CAOC History CAOC Charter Civilian Agency Acquisition Council (CAAC) Federal Acquisition Regulatory Council Interagency Suspension and Debarment Committee (ISDC) ACQUISITION.GOV An official website of the General Services Administration CAAC Consultation to Issue a Class Deviation from the Federal Acquisition Regulation (FAR) to eliminate hard copy original documents, signatures, notarization, seals on bonds and other seals for certain contract requirements Department of Commerce (DOC) Department of Education Department of Homeland Security (DHS) Department of Interior (DOI) Department of Health & Human Services (HHS) Department of Energy (DOE) Securities Exchange Commission (SEC) The following are links to the documents relating to the Assignment for the Benefit of Creditors for Fry’s Electronics, Inc. Access to and use of this World Wide Web site (the “Proof of Claim Web site”) is provided subject to these terms and conditions. PLEASE READ THESE TERMS CAREFULLY AS USE OF THIS SITE CONSTITUTES ACCEPTANCE OF THESE TERMS AND CONDITIONS. DISCLAIMER OF WARRANTY The services, information or data (collectively, “Information”) made available at the Proof of Claim Web site are provided “AS IS”, without warranties of any kind. The sponsor of the Proof of Claim Web site expressly disclaims any representations and warranties, including without limitation, the implied warranties of merchantability and fitness for a particular purpose and shall have absolutely no liability in connection with the services including without limitation, any liability for damage to your computer hardware, data, Information, materials and business resulting from the Information or the lack of information available on the Proof of Claim Web site. The sponsor shall have no liability for: Any loss or injury caused, in whole or in part, by its admissions, omissions, or negligence, or for contingencies beyond its control, in procuring, compiling, or delivering the Information; Any errors, omissions, or inaccuracies in the Information regardless of how caused, or delays or interruptions in delivery of the Information; or Any decision made or aFryson taken or not taken in reliance upon the Information furnished hereunder. The sponsor makes no warranty, representation or guaranty as to the content, sequence, accuracy, timeliness or completeness of the Information or that the Information may be relied upon for any reason or that the Information will be uninterrupted or error free or that any defects can be corrected. LIMITATION OF LIABILITY Under no circumstances shall the Sponsor be liable for any losses or damages whatsoever, whether in contract, tort or otherwise, from the use of, or reliance on, the Information, or from the use of the Internet generally. 153 IMAGES Assignment For A Claim For Damages FREE 14+ Statement of Claim Samples & Templates in PDF FREE 9+ Sample Proof of Claim Forms in MS Word Proof Of Claim Proof Of Claim Fillable Form FREE 9+ Sample Proof of Claim Forms in PDF VIDEO Christie Sides SCARY COMMENT on Caitlin Clark! Chicago Sky FAILURE OF PROOF in Claim from Players! Muslim President Drops bombshell proof claim against a controversial historical event narrative Claim Free Crypto XRP Every 1 minute #faucet Automated Script For Faucetearner.org Steps for Planning to Write an Argument Unsecured Debt Remedy Using the Subject Access Request SAR (*Withdrawal Proof*) Claim Free USDT Instantly Daily COMMENTS Rule 3001. Proof of Claim A proof of claim is a written statement setting forth a creditor's claim. A proof of claim shall conform substantially to the appropriate Official Form. (b) ... An assignor's right to file a claim notwithstanding the assignment was sustained in In re R & L Engineering Co., 182 F. Supp. 317 (S.D. Cal. 1960). Facilitation of the filing of proofs ... INSTRUCTIONS FOR PROOF OF CLAIM FORM State the total amount owed to the creditor on the date of the Bankruptcy filing. Follow the instructions concerning whether to complete items 4 and 5. Check the box if interest or other charges are included in the claim. 2. Basis for Claim: State the type of debt or how it was incurred. Proof Of Claim Proof Of Claim. Download Form (pdf, 209.43 KB) Form Number: B 410. Category: Bankruptcy Forms. Effective onApril 1, 2022. This is an Official Bankruptcy Form. Official Bankruptcy Forms are approved by the Judicial Conference and must be used under Bankruptcy Rule 9009. PDF Proof of Claim Form: Quick Reference Guide Practice Note, Filing a If this is an amendment to a previously filed proof of claim in the bankruptcy case, disclose that here and identify the original proof of claim by claim number and date filed. Before the bar date, amending a timely filed proof of claim is generally not an issue. Amendments can be filed for the purpose of: • Curing defects in the original claim. PDF (assignment for the LLC Date of Assignment: Date Filing Deadline: Date. Name of Creditor (the person or entity to whom Assignor owes money or property): Social Security # or Tax I.D. #: Attach W-9. be sent:PROOF OF CLAIMAddress differs from the address on the envelope sent to you on. ehalf of the Assignee.Claim amends a. Assignment for the Benefit of Creditors: Effective Tool for Acquiring An assignment for the benefit of creditors is an effective tool for acquiring and winding down distressed businesses, while minimizing negative publicity and potential liability. ... These claims are entitled to priority by reason of a catchall-type statute which entitles any agency of the federal government to enjoy a priority status for its ... PDF Items to be completed in Proof of Claim form assignment. A claim may be secured, unsecured or for equity. Proof of Claim A proof of claim is a form used by the creditor to indicate the amount of the debt owed by the assignor on the date of the assignment. The creditor must file the form with the assignee prior to claims deadline (the "Bar Date") Secured Claim PDF Proof of Claim The person completing this proof of claim must sign and date it. FRBP 9011(b). If you file this claim electronically, FRBP 5005(a)(2) authorizes courts to establish local rules specifying what a signature is. A person who files a fraudulent claim could be fined up to $500,000, imprisoned for up to 5 years, or both. What Is a Proof of Claim in Bankruptcy? A proof of claim form is the official bankruptcy form a creditor must file before getting paid in a bankruptcy case. The proof of claim form tells the bankruptcy trustee the type of claim the creditor asserts and how much the filer owes the creditor. The bankruptcy trustee needs this information to determine the amount to pay the creditor. PDF Instructions for Proof of Claim A Proof of Claim form and any attached documents must show only the last 4 digits of any social security number, individual's tax identification number, or financial account number, and only the year of any person's date of birth. See Bankruptcy Rule 9037. For a minor child, fill in only the child's initials and the full name and address ... Assignments For The Benefit Of Creditors: Simple As ABC? 1802. (a) In any general assignment for the benefit of creditors, as defined in Section 493.010, the assignee shall, within 30 days after the assignment has been accepted in writing, give written notice of the assignment to the assignor's creditors, equityholders, and other parties in interest as set forth on the list provided by the assignor ... PDF Bankruptcy Claims Trading: Basic Concepts Bankruptcy claims are typically traded under a claims purchase agreement, assignment of claim agreement, or purchase and sale agreement (see Claims Trading Agreements). There is no ... Bankruptcy Rule 3001(e)(1) provides that if a proof of claim has not been filed before the time of the transfer, then the buyer may PDF Assignments for the Benefit of Creditors: Florida Proof of claim (§ 727.112, Fla. Stat.) ... assignment in each county where assets of the estate are located. (§ 727.104(2)(a), Fla. Stat.) After properly recording the assignment, the assignee must commence the case in the office of the clerk of the circuit court PDF Assignment for the Benefit of Creditors of: PROOF OF CLAIM 1. Amount of Claim (as of assignment date): $_______________. Check box if all or part of claim is secured and complete item 4. Check box if all or part of claim is entitled to priority and complete item 5. Check box if all or part of amount is for equity interest and complete item 6. Check box if claim includes interest or other charges in ... The "B" Word A proof of claim is a written statement, usually on an official form provided by the court, setting forth a creditor's claim. Generally, the proof of claim must be signed by the creditor or its authorized agent. ... you must attach documentation showing your ownership of the claim, such as a copy of the assignment and sufficient information ... How to Analyze a Claim-transfer Agreement Steps in the Process. Generally, there are two steps to the transaction: the initial "trade confirmation" or "agreement to assign or sell claim" (initial agreement) and the final assignment or sale agreement (final agreement). The initial agreement looks like a term sheet or outline of the transaction: It identifies the buyer and seller, the ... Conservation and Liquidation Office Proof of Claim Assignment. The Conservation and Liquidation Office (CLO) recognizes the rights of claimants to assign their approved claims. ... If you believe you have a claim and have not received a Proof of Claim form by September 10, 2021 you may request a form at: [email protected] or by phone at (415) 676-2125. PDF Version 3 Transfer/Assignment of Claims Process in a new claims history section. 2. While you may select a Transfer type, it is not required. The Transfer types are: 3001(e)1 - Transfer, other than for security, before Proof of Claim filed 3001(e) 2 - Transfer, other than for security, after Proof of Claim filed 3001(e) 3 - Transfer, for security, before Proof of Claim filed Ex-10.32 Assignment of Claim Agreement 1. PROOF OF CLAIM.Assignor represents and warrants as of the Effective Date that the Proof of Claim has been duly and timely filed in the Case, and a true and complete copy of the Proof of Claim is attached to and made a part of this Assignment of Claim Agreement ("Agreement").If the Proof of Claim amount is greater or lesser than the Claim amount set forth above, Assignee shall ... Assignment for the Benefit of Creditors The Assignee may be contacted at: MFI (assignment for the benefit of creditors), LLC. P.O. Box 391600. Mountain View, CA 94039-1600. 650-412-2521 Fax. DISCLAIMER. Access to and use of this World Wide Web site (the "Proof of Claim Web site") is provided subject to these terms and conditions. Debt Collection Defense: Requiring That the Collector Document ... Often such proof will be a bill of sale, an "assignment," or a receipt between the last creditor holding the debt and the entity suing you. Failure to State a Claim. Again, most states require credit companies or the debt collector collecting on the account to attach a complete set of documents to the complaint. These documents usually consist ... Subpart 32.8 (a) Any assignment of claims that has been made under the Act to any type of financing institution listed in 32.802(b) may thereafter be further assigned and reassigned to any such institution if the conditions in 32.802(d) and (e) continue to be met. (b) A contract may prohibit the assignment of claims if the agency determines the prohibition to be in the Government's interest. Assignment for the Benefit of Creditors The following are links to the documents relating to the Assignment for the Benefit of Creditors for Fry's Electronics, Inc. Frys - Notice: Frys - General Assignment Agreement: ... The sponsor of the Proof of Claim Web site expressly disclaims any representations and warranties, including without limitation, the implied warranties of ... assignment essay homework paper phd report resume review speech thesis