§ 10-18-13. Establishment of plan.
(a) Upon his or her appointment, the receiver shall forthwith meet with the debtor, review
the petition and send notice to each creditor listed in the petition and to any other
creditor of whose existence as a creditor the receiver may learn within the notice
period as prescribed in §â€‚10-18-8(a)(2). The notice shall include a copy of §§â€‚10-18-6 — 10-18-12 a schedule of the debtor's obligations, and notice that a meeting shall be held at
a place selected by the receiver and at a time not less than fifteen (15) nor more
than thirty (30) days thereafter for the purposes of considering an amortization plan
and of determining the claims to be covered by the plan.
(b) The amount of a creditor's claim shall be the amount for which the debtor could have
paid or prepaid the claim on a date ten (10) days after the petition was filed either:
(1) pursuant to the terms of the obligation; (2) pursuant to the requirements of any
applicable statute; or (3) in accordance with the customary practices of the creditor
at such time, whichever is the lowest.
(c) All claims included in the plan shall bear interest during the pendency of the plan
at the rate applicable to unpaid judgments in this state. If the plan so provides,
the interest may be precomputed at the time the plan is established as if all payments
were made on the scheduled installment dates and all payments actually made to creditors
under the plan applied to the combined total of interest and principal without reference
to the date the payments are actually made.
(d) The claim of any creditor under the plan shall not include the part of the obligation
of the debtor to that creditor which, pursuant to the terms of the obligation and
without reference in those terms to any provision accelerating any unpaid portion
of the obligation because of debtor's default or otherwise, is payable more than five
(5) years from the date the petition is filed hereunder.
(e)(1) Upon conclusion of the meeting, the receiver shall either:
(i) Report to the court that no equitable plan of amortization is feasible or needed in
which case the court may forthwith dismiss the proceedings; or
(ii) Recommend to the court a plan of amortization calculated by weekly or monthly payments
to discharge in full the claims of all known creditors within a period of not exceeding
five (5) years.
(2) The receiver shall attach to the plan the written consents and objections, if any,
of the creditors present or represented at the meeting or who have otherwise submitted
consents or objections to him or her, and an analysis, with his or her recommendations
regarding the disposition of any claim in dispute.
(f) If satisfied that the plan is feasible and equitable, the court shall forthwith enter
an order approving the plan and ordering the payment by the employer of the debtor
of such salary, wages, commissions, or any combination thereof of the debtor to the
receiver as provided by the plan and determining, for the purposes of the plan, the
amounts of the claims; otherwise, the court shall enter an order dismissing these
proceedings. However, if in any written objection a creditor shall ask for a hearing
respecting the plan the court shall set a date for a hearing as soon as practicable
on notice to all parties. At that hearing the court shall enter an order either approving
the plan, if satisfied that it is feasible and equitable, or dismissing these proceedings
or making and approving such modifications of the plan as the court deems just. If
the plan is approved, the clerk of the court shall so notify the employer or employers
of the petitioner and serve him or her with a copy of the order of the court.