Source: https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1141&num=0&edition=prelim
Timestamp: 2020-08-07 22:57:55
Document Index: 688398192

Matched Legal Cases: ['§ 1141', '§513', '§321', '§708', '§2', '§2', '§2', '§321', '§321', '§330', '§708', '§513', '§513']

[USC02] 11 USC 1141: Effect of confirmation
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11 USC 1141: Effect of confirmation Text contains those laws in effect on August 6, 2020
(A) discharges the debtor from any debt that arose before the date of such confirmation, and any debt of a kind specified in section 502(g), 502(h), or 502(i) of this title, whether or not-
( Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2638 ; Pub. L. 98–353, title III, §513, July 10, 1984, 98 Stat. 387 ; Pub. L. 109–8, title III, §§321(d), 330(b), title VII, §708, Apr. 20, 2005, 119 Stat. 95 , 101, 126; Pub. L. 111–327, §2(a)(36), Dec. 22, 2010, 124 Stat. 3561 .)
Section 1141(d) of the House amendment is derived from a comparable provision contained in the Senate amendment. However, section 1141(d)(2) of the House amendment is derived from the House bill as preferable to the Senate amendment. It is necessary for a corporation or partnership undergoing reorganization to be able to present its creditors with a fixed list of liabilities upon which the creditors or third parties can make intelligent decisions. Retaining an exception for discharge with respect to nondischargeable taxes would leave an undesirable uncertainty surrounding reorganizations that is unacceptable. Section 1141(d)(3) is derived from the Senate amendment. Section 1141(d)(4) is likewise derived from the Senate amendment.
Paragraph (2) of subsection (d) makes clear what taxes remain nondischargeable in the case of a corporate debtor emerging from a reorganization under chapter 11. Nondischargeable taxes in such a reorganization are the priority taxes (under section 507) and tax payments which come due during and after the proceeding under a deferred or part-payment agreement which the debtor had entered into with the tax authority before the bankruptcy proceedings began. On the other hand, a corporation which is taken over by its creditors through a plan of reorganization will not continue to be liable for nonpriority taxes arising from the corporation's prepetition fraud, failure to file a return, or failure to file a timely return, since the creditors who take over the reorganized company should not bear the burden of acts for which the creditors were not at fault.
2010-Subsec. (d)(5)(B)(iii). Pub. L. 111–327, §2(a)(36)(A), added cl. (iii).
Subsec. (d)(5)(C). Pub. L. 111–327, §2(a)(36)(B), substituted "the court may grant a discharge if," for "unless" in introductory provisions and inserted concluding provisions.
2005-Subsec. (d)(2). Pub. L. 109–8, §321(d)(1), substituted "A discharge under this chapter does not discharge a debtor who is an individual" for "The confirmation of a plan does not discharge an individual debtor".
Subsec. (d)(5). Pub. L. 109–8, §321(d)(2), added par. (5).
Subsec. (d)(5)(C). Pub. L. 109–8, §330(b), added subpar. (C).
Subsec. (d)(6). Pub. L. 109–8, §708, added par. (6).
1984-Subsec. (a). Pub. L. 98–353, §513(a), substituted "any creditor, equity security holder, or general partner in" for "any creditor or equity security holder of, or general partner in,".
Subsec. (c). Pub. L. 98–353, §513(b), amended subsec. (c) generally. Prior to amendment, subsec. (c) read as follows: "After confirmation of a plan, the property dealt with by the plan is free and clear of all claims and interests of creditors, of equity security holders, and of general partners in the debtor, except as otherwise provided in the plan or in the order confirming the plan."
Amendments by Pub. L. 109–8 effective 180 days after Apr. 20, 2005, with amendments by sections 321(d) and 708 of Pub. L. 109–8 not applicable with respect to cases commenced under this title before such effective date, except as otherwise provided, and amendment by section 330(b) of Pub. L. 109–8 applicable with respect to cases commenced under this title on or after Apr. 20, 2005, see section 1501 of Pub. L. 109–8, set out as a note under section 101 of this title.