The Liquidating Trust Agreement is a crucial document utilized when a company or estate needs to wind down operations and distribute assets in an orderly manner. This agreement is particularly common in U.S. bankruptcy proceedings, corporate restructurings, and business dissolutions. It establishes the framework for converting assets to cash, resolving claims, and making distributions to creditors or beneficiaries. The document must comply with both federal requirements (including IRS Revenue Procedure 94-45 and Treasury Regulations) and applicable state trust laws. A properly structured Liquidating Trust Agreement helps minimize tax implications while providing an efficient mechanism for asset disposition and claim resolution.
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1. Parties: Identification of settlor, trustee, and beneficiaries
2. Background: Context and purpose of the liquidating trust creation, including relevant legal framework
3. Definitions: Key terms used throughout the agreement, including tax and trust-specific terminology
4. Trust Creation and Purpose: Establishment of trust, its intended function, and compliance with relevant regulations
5. Transfer of Assets: Process and terms for transferring assets to the trust, including valuation and documentation requirements
6. Trustee Powers and Duties: Specific authorities and responsibilities of the trustee, including investment powers and limitations
7. Distribution Provisions: Rules governing distribution of trust assets, including priority of claims and timing
8. Tax Provisions: Tax treatment, reporting requirements, and compliance procedures
9. Term and Termination: Duration of trust and termination procedures, including final distribution provisions
1. Successor Trustee Provisions: Procedures for appointing successor trustees and transition process
2. Trust Advisory Board: Structure, composition, and role of advisory board in trust administration
3. Environmental Provisions: Specific provisions for handling environmental liabilities and compliance requirements
4. Employment-Related Claims: Procedures for handling employee claims and related liabilities
5. Foreign Asset Provisions: Special provisions for handling international assets and compliance with foreign regulations
1. Schedule A - Trust Assets: Detailed inventory and description of assets transferred to trust
2. Schedule B - Beneficiary Information: List of beneficiaries and their respective interests or claims
3. Schedule C - Distribution Procedures: Detailed procedures for claims resolution and distribution methodology
4. Appendix A - Tax Guidelines: Specific tax compliance procedures and requirements
5. Appendix B - Form of Beneficiary Certificate: Template for beneficiary certification documents and claim forms
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