Creditors’ committee knowledge advantage makes them an extremely powerful body. Theoretically, therefore, all creditors should be keen on joining this committee. Many people refuse to be members in reality. The following factors contributed to this unusual decision:
It is the responsibility of the creditors to pay the legal counsel fees when they become part of the creditors’ committee. The chances of recovering from bankruptcy are lower if the firm has very few assets. For creditors in these situations, recovering cash flow isn’t too feasible. The cost of hiring a lawyer is, therefore an unnecessary expense that can avoid. Some creditors refuse to participate in the committee because of this reason.
Additionally, creditor committee members have certain fiduciary duties when they join the committee. Therefore, they are not able to act brazenly in their self-interest. They are instead responsible for their actions, as well as those of other stakeholders and creditors. The court can file a lawsuit against them if they fail to act in the best interests of other creditors. Many creditors, especially vulture funds, dislike this duty. Their interests are what they are interested in pursuing. Choosing not to participate in the creditors’ committee, they avoid legal conflict.
In addition, creditors’ committee members must also comply with a lot of compliance norms. Those creditors who fail to disclose the correct information appropriately may be represented by other creditors. It can be tedious and time-consuming to be a member of the creditors’ committee.
Represents the interest – Designed to represent the interests of unsecured creditors in bankruptcy proceedings and debtor-creditor negotiations, the creditors’ committee represents unsecured creditors in court proceedings and negotiations with the debtor. The trustee, who acts as a fiduciary on behalf of everyone, not just creditors, is responsible for selecting an odd number of committee members.
Enlist professional advice – Creditors’ committees may consult experts from various fields, including accountants, legal counsel, appraisers, and others. The estate of a debtor pays for such professional assistance, not the creditors.
Determine liquidity of debtor – In addition to determining whether a debtor company should be liquidated immediately, a creditors’ committee looks for other factors, such as whether additional credit is warranted. The decision to dissolve a company is based on whether it would enable the debtor to repay creditors more effectively than if it remained in operation.
Engage in negotiations – In addition to examining the debtor’s conduct, the creditors’ committee is also tasked with reviewing its business operations. In addition to their negotiations with debtors and other creditors, creditors’ committees may adjust obligations and contracts to create an equitable reorganization plan that includes how will pay each party and which assets from the company will be retained or sold.
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