Local Rule 3011-1: DISPOSITION OF UNCLAIMED FUNDS UNDER A CONFIRMED CHAPTER 11 PLAN
Bankr. E.D.N.Y. — General rule
Rule 3011-1 DISPOSITION OF UNCLAIMED FUNDS UNDER A CONFIRMED CHAPTER 11 PLAN
(a) Distribution of Unclaimed Property Through Plan.
A chapter 11 plan shall provide for the distribution of any unclaimed property that cannot be distributed pursuant to Bankruptcy Code § 347(b), including that any unclaimed property may be
(i) Reallocated pursuant to the absolute priority rule;
(ii) Reallocated for distribution pursuant to the plan's distribution scheme; or
(iii) Donated to a not-for-profit, non-religious organization designated to receive unclaimed property.
(b) Reallocation of Unclaimed Property If Not Otherwise Provided For.
If a confirmed chapter 11 plan does not provide for the disposition of unclaimed property that cannot be distributed pursuant to Bankruptcy Code § 347(b), or such unclaimed property has not otherwise been disposed of pursuant to an order of the Court, such unclaimed property shall be reallocated for distribution pursuant to the plan's distribution scheme.
(c) Donation of Unclaimed Property by Motion.
If a confirmed chapter 11 plan does not provide for the disposition of unclaimed property that cannot be distributed pursuant to Bankruptcy Code § 347(b), or such unclaimed property has not otherwise been disposed of pursuant to an order of the Court, and all claims have been paid in full, then the Court may, after notice and a hearing, approve a motion by the plan administrator, or similar appointee, to donate any unclaimed property to an appropriate not-for-profit, non-religious organization