The starting point is a complete list of creditors showing the basis, amount, due date, rank, security and any dispute relating to each claim. Secured and unsecured claims generally have different legal positions and should not be treated alike without justification. Subordinated claims or claims held by related parties may also require separate consideration, depending on the procedural rules. If a claim is secured only in part by the value of collateral, it must be determined how its secured and unsecured portions should be classified. Within a class, the plan should treat comparable rights according to clear rules; differences require an objective explanation. For each creditor class, the total amount of claims, plan consideration, payment timing, changes to rights and voting treatment should be stated. Disputed or conditional claims should be recorded with their status, without prejudging the outcome of the review. Any changes to claim amounts or security must be reconciled with the class list and plan documents before the vote.
Creditor Classes in the Rehabilitation of a Company in Georgia
In a company’s rehabilitation plan in Georgia, creditors with comparable legal positions and economic interests are grouped into classes of claims. This classification affects the treatment under the plan and voting, and must therefore be objectively justified and transparently documented.
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