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CONCURRENCE OF CREDITS - Coggle Diagram

- - - - VERIFIED PETITION FOR LIQUIDATION
        
        INVOLUNTARY
        
        ORDER TO SHOW CAUSE
        
        INJUNCTION ORDER
        
        POSSIBLE CUSTODY/SALE OF PROPERTY
        IF ABSENT INDIVIDUAL DEBTOR
        
        VOLUNTARY
        
        LIQUIDATION ORDER (DECLARATION OF INSOLVENCY)
        
        DISSOLUTION OF IJD
        2.DISCHARGE OF ID
        
        APPOINTMENT OF LIQUIDATOR
        
        DETERMINATION & TREATMENT OF CLAIMS
        
        TREATMENT & TERMINATION OF CONTRACTS
        +
        AVOIDANCE PROCEEDINGS
        
        1 more item...
    - - PETITION FOR
        LIQUIDATION
  - - - OUT-OF-COURT/INFORMAL RESTRUCTURING/WORKOUT AGREEMENT
        
        POSSIBLE COURT ASSISTANCE FOR EXECUTION OR IMPLEMENTATION OF OUT-OF-COURT RESTRUCTURING AGREEMENT
      - POSSIBLE STANDSTILL
        AGREEMENT
    - - NEGOTIATION & APPROVAL OF REHAB
        PLAN BY CREDITORS
        
        IF REQUIRED VOTES
        REACHED (APPROVED):
        
        DEBTOR OR WITH CREDITOR/S FILE VERIFIED PETITION FOR COURT APPROVAL OF REHAB PLAN
        
        ISSUANCE OF ORDER
        +
        SUSPENSION/STAY ORDER
        
        COURT APPROVES THE REHABILITATION PLAN
        
        IF REQUIRED VOTES
        NOT REACHED
    - - INVOLUNTARY
        
        No genuine issue of fact/law on claims of creditors +
        Due & demandable payments have not been made for at least 60 days;
        OR
        
        Debtor is Illiquid;
        OR
        
        A creditor, other than petitioners initiated foreclosure proceedings against debtor that will make debtor insolvent
        
        CREDITOR FILES PETITION TO INITITATE
        
        COMMENCEMENT ORDER
        +
        SUSPENSION/STAY ORDER
        (Suspension + Injunction)
        +
        APPOINTMENT OF
        REHABILITATION RECEIVER
        
        POSSIBLE AVOIDANCE PROCEEDINGS IF RECEIVER CONSENTS
        
        INITIAL HEARING AND CREDITOR'S MEETING
        
        DETERMINATION OF CLAIMS
        
        CRAM DOWN
        EFFECT
        
        1 more item...
        
        APPROVAL OF REHABILITATION PLAN
        BY CREDITORS
        (If <50% claims vote in favor of the Plan)
        
        1 more item...
        
        POSSIBLE CONTROL AND MANAGEMENT OF DEBTOR BY RECEIVER OR MANAGEMENT COMMITTEE
        In EXCEPTIONAL cases
      - VOLUNTARY
        
        Economically feasible Rehab for Indiv Debtor
        
        Results in better present value for Creditors
        
        DEBTOR FILES PETITION TO INITIATE
  - - - DEBTOR FILES PETITION
        (AUTOMATIC STAY
        TAKES EFFECT)
        
        INJUNCTION AGAINST DEBTOR
        +
        APPOINTMENT OF COMMISSIONER
        
        CREDITORS' MEETING
        INCLUDES REJECTIONS PROPOSED AGREEMENTS & OBJECTIONS
        
        CREDITORS APPROVE
        or
        COURT UPHOLDS
        PROPOSED AGREEMENT
        
        DEBTOR PERFORMS AGREEMENT
        
        DEBTOR MAY FILE MOTION FOR
        SUSPENSION ORDER
        Suspends any pending execution against debtor