15 USC 78fff - General provisions of a liquidation proceeding

U.S Code last checked for updates: Nov 22, 2024

§ 78fff.

General provisions of a liquidation proceeding

(a)

Purposes

The purposes of a liquidation proceeding under this chapter shall be—

(1)

as promptly as possible after the appointment of a trustee in such liquidation proceeding, and in accordance with the provisions of this chapter—

(A)

to deliver customer name securities to or on behalf of the customers of the debtor entitled thereto as provided in section 78fff–2(c)(2) of this title; and

(B)

to distribute customer property and (in advance thereof or concurrently therewith) otherwise satisfy net equity claims of customers to the extent provided in this section;

(2)

to sell or transfer offices and other productive units of the business of the debtor;

(3)

to enforce rights of subrogation as provided in this chapter; and

(4)

to liquidate the business of the debtor.

(b)

Application of title 11

(c)

Determination of customer status

(d)

Apportionment

(e)

Costs and expenses of administration

(Pub. L. 91–598, § 6, Dec. 30, 1970, 84 Stat. 1646; Pub. L. 95–283, § 8, May 21, 1978, 92 Stat. 259; Pub. L. 95–598, title III, § 308(g), (h), Nov. 6, 1978, 92 Stat. 2675; Pub. L. 109–8, title XV, § 1502(b), Apr. 20, 2005, 119 Stat. 217.)

cite as: 15 USC 78fff