§ 10-18-16 Termination of the plan. –(a) If any payment provided by the plan to be made to the receiver by or onbehalf of the debtor is in default or if the debtor has otherwise violated theprovisions of this chapter or of the plan, the receiver or any creditor may,and if the default shall have continued for a period of more than thirty (30)days the receiver shall, report the matter to the court. The receiver shallsubmit a report and his or her recommendations to the court and the court mayterminate the plan.
(b) If the addition of any prior creditor included in theplan by reason of the provision in § 10-18-8(a)(2) or of any subsequentcreditor by reason of § 10-18-11(a) and (b) shall make continuation of theplan unfeasible, the court may, upon petition of the debtor, the receiver, orany creditor, with notice to all other parties, and upon a hearing, terminatethese proceedings.
(c) If the debtor makes preferential payments to creditorsparticipating in the plan during the pendency of the proceedings or appears forany reason to be abusing the privileges of this chapter, the receiver shallpromptly report the matter to the court and the court may terminate the plan.If the court finds that preferential payments have been made to those creditorsparticipating in the plan, it shall order those creditors who had received apreferential payment to pay over the amount of the preferential payment to thereceiver who shall apply it to reduce the debtor's indebtedness under the planpro rata, among all creditors participating in the plan. A preferential paymentis any payment to a creditor participating in the plan which is, at the time ofthe payment, in excess of what he or she is entitled to under the plan.
(d) If the plan is terminated prior to completion of theplan, the court shall award a reasonable fee to the receiver which shall bepreferred to all other claims against the debtor, except federal or stateobligations.
(e) In deciding whether or not to terminate a wage earnerreceivership plan, whenever the discretion is given, the court shall considerthe following criteria:
(1) The feasibility of the plan; whether in light of thedebtor's income and the size of the debt incurred it is reasonable for the debtto be paid off on an amortized basis within the time remaining in the plan;
(2) The knowledge which subsequent creditors had, or shouldhave had, when they extended credit of the prior debts of the debtor;
(3) The knowledge which subsequent creditors had, or shouldhave had, when they extended credit, of the insolvency of the debtor;
(4) The intent of the debtor to abuse the plan byunreasonably incurring debts which, if included in the plan, would make theplan unfeasible;
(5) Prejudice to the interests of those creditors who haveparticipated in the plan in not being able to collect their debts by thosemeans proscribed by this chapter during the pendency of the plan.
§ 10-18-16 Termination of the plan. –(a) If any payment provided by the plan to be made to the receiver by or onbehalf of the debtor is in default or if the debtor has otherwise violated theprovisions of this chapter or of the plan, the receiver or any creditor may,and if the default shall have continued for a period of more than thirty (30)days the receiver shall, report the matter to the court. The receiver shallsubmit a report and his or her recommendations to the court and the court mayterminate the plan.
(b) If the addition of any prior creditor included in theplan by reason of the provision in § 10-18-8(a)(2) or of any subsequentcreditor by reason of § 10-18-11(a) and (b) shall make continuation of theplan unfeasible, the court may, upon petition of the debtor, the receiver, orany creditor, with notice to all other parties, and upon a hearing, terminatethese proceedings.
(c) If the debtor makes preferential payments to creditorsparticipating in the plan during the pendency of the proceedings or appears forany reason to be abusing the privileges of this chapter, the receiver shallpromptly report the matter to the court and the court may terminate the plan.If the court finds that preferential payments have been made to those creditorsparticipating in the plan, it shall order those creditors who had received apreferential payment to pay over the amount of the preferential payment to thereceiver who shall apply it to reduce the debtor's indebtedness under the planpro rata, among all creditors participating in the plan. A preferential paymentis any payment to a creditor participating in the plan which is, at the time ofthe payment, in excess of what he or she is entitled to under the plan.
(d) If the plan is terminated prior to completion of theplan, the court shall award a reasonable fee to the receiver which shall bepreferred to all other claims against the debtor, except federal or stateobligations.
(e) In deciding whether or not to terminate a wage earnerreceivership plan, whenever the discretion is given, the court shall considerthe following criteria:
(1) The feasibility of the plan; whether in light of thedebtor's income and the size of the debt incurred it is reasonable for the debtto be paid off on an amortized basis within the time remaining in the plan;
(2) The knowledge which subsequent creditors had, or shouldhave had, when they extended credit of the prior debts of the debtor;
(3) The knowledge which subsequent creditors had, or shouldhave had, when they extended credit, of the insolvency of the debtor;
(4) The intent of the debtor to abuse the plan byunreasonably incurring debts which, if included in the plan, would make theplan unfeasible;
(5) Prejudice to the interests of those creditors who haveparticipated in the plan in not being able to collect their debts by thosemeans proscribed by this chapter during the pendency of the plan.
§ 10-18-16 Termination of the plan. –(a) If any payment provided by the plan to be made to the receiver by or onbehalf of the debtor is in default or if the debtor has otherwise violated theprovisions of this chapter or of the plan, the receiver or any creditor may,and if the default shall have continued for a period of more than thirty (30)days the receiver shall, report the matter to the court. The receiver shallsubmit a report and his or her recommendations to the court and the court mayterminate the plan.
(b) If the addition of any prior creditor included in theplan by reason of the provision in § 10-18-8(a)(2) or of any subsequentcreditor by reason of § 10-18-11(a) and (b) shall make continuation of theplan unfeasible, the court may, upon petition of the debtor, the receiver, orany creditor, with notice to all other parties, and upon a hearing, terminatethese proceedings.
(c) If the debtor makes preferential payments to creditorsparticipating in the plan during the pendency of the proceedings or appears forany reason to be abusing the privileges of this chapter, the receiver shallpromptly report the matter to the court and the court may terminate the plan.If the court finds that preferential payments have been made to those creditorsparticipating in the plan, it shall order those creditors who had received apreferential payment to pay over the amount of the preferential payment to thereceiver who shall apply it to reduce the debtor's indebtedness under the planpro rata, among all creditors participating in the plan. A preferential paymentis any payment to a creditor participating in the plan which is, at the time ofthe payment, in excess of what he or she is entitled to under the plan.
(d) If the plan is terminated prior to completion of theplan, the court shall award a reasonable fee to the receiver which shall bepreferred to all other claims against the debtor, except federal or stateobligations.
(e) In deciding whether or not to terminate a wage earnerreceivership plan, whenever the discretion is given, the court shall considerthe following criteria:
(1) The feasibility of the plan; whether in light of thedebtor's income and the size of the debt incurred it is reasonable for the debtto be paid off on an amortized basis within the time remaining in the plan;
(2) The knowledge which subsequent creditors had, or shouldhave had, when they extended credit of the prior debts of the debtor;
(3) The knowledge which subsequent creditors had, or shouldhave had, when they extended credit, of the insolvency of the debtor;
(4) The intent of the debtor to abuse the plan byunreasonably incurring debts which, if included in the plan, would make theplan unfeasible;
(5) Prejudice to the interests of those creditors who haveparticipated in the plan in not being able to collect their debts by thosemeans proscribed by this chapter during the pendency of the plan.
