When "Liquidating Trust" is mentioned, most people associate this with bankruptcy. In a bankruptcy, a liquidating trust may be formed whereby certain assets are placed in a trust for the benefit of creditors who may have certain claims against those assets. A liquidating trust may also be an effective method for a fund manager to wind down a fund without having a significant role in the liquidation. At the end of the fund's life cycle or term, the fund manager may have certain assets that are not easily liquidated and convertible into cash for distribution to the owners of the fund. It may take several years for such assets to be converted into cash. Such assets may consist of securities that are illiquid or have certain restrictions or monies held in escrow where it will take several years for the conditions to be met for release of such funds.
Liquidation Trust Agreement
Liquidating Trustee means such individual or Entity as is selected as the Liquidating Trustee hereunder by the General Partner, which individual or Entity may include an Affiliate of the General Partner, provided such Liquidating Trustee agrees in writing to be bound by the terms of this Agreement. Sample 1. Liquidating Trustee means one or more Persons selected by the Board of Directors to perform the functions described in Section Liquidating Trustee means the Member or such other Person appointed the Member to act in the capacity provided in Article X hereof. Any Liquidating Trustee so appointed shall have and may exercise, without further authorization or approval of any of the parties hereto, all of the powers conferred upon the Managing Owner under the terms of this Trust Agreement, subject to all of the applicable limitations, contractual and otherwise, upon the exercise of such powers, and provided that the Liquidating Trustee shall not have general liability for the acts, omissions, obligations and expenses of the Trust. This Debtor may be dissolved at such time as the Liquidating Trustee , it its sole discretion, believes it appropriate to do so.
Definition of Liquidation Trustee
Liquidation Trustee means the trustee, and any successor trustee, of the Liquidating Trust. Sample 1. Liquidation Trustee means the trustee of the Liquidation Trust as contemplated by the Trust Agreement. Liquidation Trustee means the Person and any successor thereto, which shall be appointed as the trustee of the Liquidation Trust or any successor trust in accordance with the Confirmation Order and Plan. Holders of Administrative Claims that are required to File and serve a request for payment of such Administrative Claim and that do not File and serve such a request by the applicable Bar Date shall be forever barred from asserting such Administrative Claims against the Debtors, the Liquidation Trust or the Liquidation Trustee , or their respective property, and such Administrative Claims shall be deemed waived and released as of the Effective Date.
Exhibit Quarterly Filings with Bankruptcy Court and U. The purpose of the liquidation trust is to appoint a trustee to liquidate the Assets of the Debtor and make the distributions provided for under the Plan. This Agreement establishes the Liquidation Trust, allows the Liquidation Trust to establish any Liquidation Trust Entity to further the purposes of this Agreement, appoints the Liquidation Trustee for the Liquidation Trust, gives the Liquidation Trust certain rights and powers with respect to any such Liquidation Trust Entity, and provides the framework within which the Liquidation Trustee shall carry out its duties and implement key provisions of the Plan.