Bankruptcy Code

Bankruptcy is a legal declaration that allows some debtors to discharge their unsecured debts. The text of this statute is provided as general information to the public. It may be amended, revised, or rescinded at any time without notice. This information is not intended to be legal advice. For more information, please see our disclaimer.

11 U.S.C. § 946. Effect of exchange of securities before the date of the filing of the petition

The exchange of a new security under the plan for a claim covered by the plan, whether such exchange occurred before or after the date of the filing of the petition, does not limit or impair the effectiveness of the plan or of any provision of this chapter [11 USCS §§ 901 et seq.]. The amount and number specified in section 1126(c) of this title [11 USCS § 1126(c)] include the amount and number of claims formerly held by a creditor that has participated in any such exchange.