Читать книгу Retos y desafíos de las garantías reales - Abel B. Veiga Copo - Страница 44

In reorganization proceedings, a number of questions arise with regard to the rights of secured creditors. One question is whether secured creditors may participate in the approval of the plan. Another question is whether dissenting secured creditors are bound by the plan. If they are bound by the plan, another question is whether their rights should be protected and, if so, how. This raises the issue of valuation of encumbered assets.

Where a reorganization plan proposes to impair or modify the rights of secured creditors, the Insolvency Guide recommends that insolvency law should allow secured creditors to vote on the plan in one or more than one class. Where the requisite majority approves that plan, dissenting creditors are bound by the plan, but their rights must be protected26. For example, they must receive under the reorganization as much as they would receive in liquidation. In order to determine the liquidation value of encumbered assets in reorganization proceedings, a number of issues must be considered, including their use, the purpose of the valuation and their value as a going concern27.