§ 10-18-13 Establishment of plan. –(a) Upon his or her appointment, the receiver shall forthwith meet with thedebtor, review the petition and send notice to each creditor listed in thepetition and to any other creditor of whose existence as a creditor thereceiver may learn within the notice period as prescribed in §10-18-8(a)(2). The notice shall include a copy of §§ 10-18-6 –10-18-12 a schedule of the debtor's obligations, and notice that a meetingshall be held at a place selected by the receiver and at a time not less thanfifteen (15) nor more than thirty (30) days thereafter for the purposes ofconsidering an amortization plan and of determining the claims to be covered bythe plan.
(b) The amount of a creditor's claim shall be the amount forwhich the debtor could have paid or prepaid the claim on a date ten (10) daysafter the petition was filed either: (1) pursuant to the terms of theobligation; (2) pursuant to the requirements of any applicable statute; or (3)in accordance with the customary practices of the creditor at such time,whichever is the lowest.
(c) All claims included in the plan shall bear interestduring the pendency of the plan at the rate applicable to unpaid judgments inthis state. If the plan so provides, the interest may be precomputed at thetime the plan is established as if all payments were made on the scheduledinstallment dates and all payments actually made to creditors under the planapplied to the combined total of interest and principal without reference tothe date the payments are actually made.
(d) The claim of any creditor under the plan shall notinclude the part of the obligation of the debtor to that creditor which,pursuant to the terms of the obligation and without reference in those terms toany provision accelerating any unpaid portion of the obligation because ofdebtor's default or otherwise, is payable more than five (5) years from thedate the petition is filed hereunder.
(e) Upon conclusion of the meeting, the receiver shall either:
(i) Report to the court that no equitable plan ofamortization is feasible or needed in which case the court may forthwithdismiss the proceedings; or
(ii) Recommend to the court a plan of amortization calculatedby weekly or monthly payments to discharge in full the claims of all knowncreditors within a period of not exceeding five (5) years.
(2) The receiver shall attach to the plan the writtenconsents and objections, if any, of the creditors present or represented at themeeting or who have otherwise submitted consents or objections to him or her,and an analysis, with his or her recommendations regarding the disposition ofany claim in dispute.
(f) If satisfied that the plan is feasible and equitable, thecourt shall forthwith enter an order approving the plan and ordering thepayment by the employer of the debtor of such salary, wages, commissions, orany combination thereof of the debtor to the receiver as provided by the planand determining, for the purposes of the plan, the amounts of the claims;otherwise, the court shall enter an order dismissing these proceedings.However, if in any written objection a creditor shall ask for a hearingrespecting the plan the court shall set a date for a hearing as soon aspracticable on notice to all parties. At that hearing the court shall enter anorder either approving the plan, if satisfied that it is feasible andequitable, or dismissing these proceedings or making and approving suchmodifications of the plan as the court deems just. If the plan is approved, theclerk of the court shall so notify the employer or employers of the petitionerand serve him or her with a copy of the order of the court.
§ 10-18-13 Establishment of plan. –(a) Upon his or her appointment, the receiver shall forthwith meet with thedebtor, review the petition and send notice to each creditor listed in thepetition and to any other creditor of whose existence as a creditor thereceiver may learn within the notice period as prescribed in §10-18-8(a)(2). The notice shall include a copy of §§ 10-18-6 –10-18-12 a schedule of the debtor's obligations, and notice that a meetingshall be held at a place selected by the receiver and at a time not less thanfifteen (15) nor more than thirty (30) days thereafter for the purposes ofconsidering an amortization plan and of determining the claims to be covered bythe plan.
(b) The amount of a creditor's claim shall be the amount forwhich the debtor could have paid or prepaid the claim on a date ten (10) daysafter the petition was filed either: (1) pursuant to the terms of theobligation; (2) pursuant to the requirements of any applicable statute; or (3)in accordance with the customary practices of the creditor at such time,whichever is the lowest.
(c) All claims included in the plan shall bear interestduring the pendency of the plan at the rate applicable to unpaid judgments inthis state. If the plan so provides, the interest may be precomputed at thetime the plan is established as if all payments were made on the scheduledinstallment dates and all payments actually made to creditors under the planapplied to the combined total of interest and principal without reference tothe date the payments are actually made.
(d) The claim of any creditor under the plan shall notinclude the part of the obligation of the debtor to that creditor which,pursuant to the terms of the obligation and without reference in those terms toany provision accelerating any unpaid portion of the obligation because ofdebtor's default or otherwise, is payable more than five (5) years from thedate the petition is filed hereunder.
(e) Upon conclusion of the meeting, the receiver shall either:
(i) Report to the court that no equitable plan ofamortization is feasible or needed in which case the court may forthwithdismiss the proceedings; or
(ii) Recommend to the court a plan of amortization calculatedby weekly or monthly payments to discharge in full the claims of all knowncreditors within a period of not exceeding five (5) years.
(2) The receiver shall attach to the plan the writtenconsents and objections, if any, of the creditors present or represented at themeeting or who have otherwise submitted consents or objections to him or her,and an analysis, with his or her recommendations regarding the disposition ofany claim in dispute.
(f) If satisfied that the plan is feasible and equitable, thecourt shall forthwith enter an order approving the plan and ordering thepayment by the employer of the debtor of such salary, wages, commissions, orany combination thereof of the debtor to the receiver as provided by the planand determining, for the purposes of the plan, the amounts of the claims;otherwise, the court shall enter an order dismissing these proceedings.However, if in any written objection a creditor shall ask for a hearingrespecting the plan the court shall set a date for a hearing as soon aspracticable on notice to all parties. At that hearing the court shall enter anorder either approving the plan, if satisfied that it is feasible andequitable, or dismissing these proceedings or making and approving suchmodifications of the plan as the court deems just. If the plan is approved, theclerk of the court shall so notify the employer or employers of the petitionerand serve him or her with a copy of the order of the court.
§ 10-18-13 Establishment of plan. –(a) Upon his or her appointment, the receiver shall forthwith meet with thedebtor, review the petition and send notice to each creditor listed in thepetition and to any other creditor of whose existence as a creditor thereceiver may learn within the notice period as prescribed in §10-18-8(a)(2). The notice shall include a copy of §§ 10-18-6 –10-18-12 a schedule of the debtor's obligations, and notice that a meetingshall be held at a place selected by the receiver and at a time not less thanfifteen (15) nor more than thirty (30) days thereafter for the purposes ofconsidering an amortization plan and of determining the claims to be covered bythe plan.
(b) The amount of a creditor's claim shall be the amount forwhich the debtor could have paid or prepaid the claim on a date ten (10) daysafter the petition was filed either: (1) pursuant to the terms of theobligation; (2) pursuant to the requirements of any applicable statute; or (3)in accordance with the customary practices of the creditor at such time,whichever is the lowest.
(c) All claims included in the plan shall bear interestduring the pendency of the plan at the rate applicable to unpaid judgments inthis state. If the plan so provides, the interest may be precomputed at thetime the plan is established as if all payments were made on the scheduledinstallment dates and all payments actually made to creditors under the planapplied to the combined total of interest and principal without reference tothe date the payments are actually made.
(d) The claim of any creditor under the plan shall notinclude the part of the obligation of the debtor to that creditor which,pursuant to the terms of the obligation and without reference in those terms toany provision accelerating any unpaid portion of the obligation because ofdebtor's default or otherwise, is payable more than five (5) years from thedate the petition is filed hereunder.
(e) Upon conclusion of the meeting, the receiver shall either:
(i) Report to the court that no equitable plan ofamortization is feasible or needed in which case the court may forthwithdismiss the proceedings; or
(ii) Recommend to the court a plan of amortization calculatedby weekly or monthly payments to discharge in full the claims of all knowncreditors within a period of not exceeding five (5) years.
(2) The receiver shall attach to the plan the writtenconsents and objections, if any, of the creditors present or represented at themeeting or who have otherwise submitted consents or objections to him or her,and an analysis, with his or her recommendations regarding the disposition ofany claim in dispute.
(f) If satisfied that the plan is feasible and equitable, thecourt shall forthwith enter an order approving the plan and ordering thepayment by the employer of the debtor of such salary, wages, commissions, orany combination thereof of the debtor to the receiver as provided by the planand determining, for the purposes of the plan, the amounts of the claims;otherwise, the court shall enter an order dismissing these proceedings.However, if in any written objection a creditor shall ask for a hearingrespecting the plan the court shall set a date for a hearing as soon aspracticable on notice to all parties. At that hearing the court shall enter anorder either approving the plan, if satisfied that it is feasible andequitable, or dismissing these proceedings or making and approving suchmodifications of the plan as the court deems just. If the plan is approved, theclerk of the court shall so notify the employer or employers of the petitionerand serve him or her with a copy of the order of the court.
