- disclosure statement
a comprehensive disclosure document sent to creditors when they are asked to vote on a plan of reorganization in Chapter 11. (Glossary of Common Bankruptcy Terms)An explanatory document that accompanies the plan and the solicitation of votes in a Chapter 11 case. No one is allowed to solicit votes for a plan without there being an approved disclosure statement. After notice to all parties, the court holds a hearing to determine if the disclosure statement contains adequate information to allow a typical creditor to make an informed decision about the plan. (Bernstein's Dictionary of Bankruptcy Terminology)A written document prepared by the chapter 11 debtor or other plan proponent that is designed to provide "adequate information" to creditors to enable them to evaluate the chapter 11 plan of reorganization. (BankruptcyAction.com)
United Glossary of Bankruptcy Terms 2012.
- disclosure statement
An explanatory document that accompanies the plan and the solicitation of votes in a Chapter 11 case. No one is allowed to solicit votes for a plan without there being an approved disclosure statement. After notice to all parties, the court holds a hearing to determine if the disclosure statement contains adequate information to allow a typical creditor to make an informed decision about the plan.
US Bankruptcy 2012.
Glossary of Bankruptcy.
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