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(com/1Vb ZZo8) Corinthian was not immediately available for comment.
Second Liquidating trust and escrow agreement is a legally binding arrangement which is entered into while a business is in the process of liquidation.
When a company is in process of liquidation it is involved into a lot of legal tangles and has a lot of pending creditors’ claims.
This liquidating trust is the second party which handles the liquidation process of the business with full transparency and confirms to all the statutory requirements under the law.
The proceeds from liquidation are parked into an escrow account and a second liquidating trust and escrow account agreement is constituted between this second liquidating trust and escrow agency.
In this agreement all the terms and conditions for holding the funds, period of holding the funds and the terms and conditions of release of funds are clearly articulated to avoid any confusion.
In the United States, Chapter 11 is a useful tool for businesses.
Insolvency Services Group (ISG) is frequently appointed as a liquidating trustee, responsible entity or liquidating agent, either under a liquidating Chapter 11 Plan or in connection with a bankruptcy case at the request of a creditor’s committee.