Agreement for Creditors' Forbearance and Supervision

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This Agreement for Creditors' Forbearance and Supervision of Debtor's Business is for use when creditors agree to postpone payment of a debt and supervise how the business should be run.

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This Agreement for Creditors' Forbearance and Supervision of Debtor's Business is between the partners of a business and its creditors who agree to forbear payment of debts until such time as assets are sufficient.

This agreement contains a description of the debts owed, appointment of a creditors' committee and general powers of this committee. It also sets out the specific obligations of the partners and partnership, how debts will be liquidated and the priority of any future debts owed to the creditors.

This Agreement for Creditors' Forbearance and Supervision of Debtor's Business contains the following provisions:
  • Parties:Sets forth the names of the partners, partnership and the creditors Identifies the advertiser and broadcast company;
  • Debts: Describes the debts owed to creditors on an exhibit attached to the agreement;
  • Creditors Committee: Names and creditor affiliations of the initial committee. It also sets forth how any vacancies on this committee will be filled;
  • Obligations: Sets forth in specific detail the obligations of the partnership and its partners in reference to committee needs;
  • Forbearance: Sets out that all creditors agree to forbear the debts for a certain period of time;
  • Termination of Forbearance: Committee has the right to terminate the forbearance period if certain events occur, such as bankruptcy filing or legal proceedings brought by a secured creditor;
  • Signatures: This agreement must be signed by the partners, partnership, creditors and a representative of the creditors' committee.

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This attorney-prepared packet contains:
  1. General Information
  2. Instructions and Checklist
  3. Agreement for Creditors' Forbearance and Supervision of Debtor's Business
State Law Compliance: This form complies with the laws of all states
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
Number of Pages10
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#43664
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.

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