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"The effects of plan confirmation" [2019] ELECD 2099; in Lubben, Stephen (ed), "American Business Bankruptcy" (Edward Elgar Publishing, 2019) 167

Book Title: American Business Bankruptcy

Editor(s): Lubben, Stephen

Publisher: Edward Elgar Publishing

Section: Chapter 20

Section Title: The effects of plan confirmation

Number of pages: 6

Abstract/Description:

Regardless of how the debtor achieves a confirmed plan, confirmation has several important implications. First, the debtor formally regains its property - the “estate” ceases to exist - and begins operations outside of the protection of the Code. Next, that property is returned to the debtor free of the claims and interests of its old creditors, except as preserved by the terms of the plan. And the debtor is protected from creditor action by the discharge, which is effectively a permanent form of the automatic stay.