Examples of Barred Claims in a sentence
Barred Claims will not rank for distributions under the CVA unless the Administrators and Supervisors determine that there will be sufficient Assets to make a distribution in respect of admitted Barred Claims pursuant to Clause 14 (Barred Claims).
To be clear, nothing in the Bar Order precludes the rights of any Barred Person to assert claims, other than Barred Claims, against any Released Party.
It is the position of the Company’s management that the Statute -Barred Claims cannot be enforced by the creditors, do not create any obligation for the Company to pay out any cash, and do not affect the financial or working capital position of the Company.
The Statute -Barred Claims are required to be reflected on the Company’s Consolidated Statement of Financial Position as a result of the current interpretation of IFRS, but they are classified as long-term liabilities since the Company has no intention to pay this Statute - Barred Claims and the creditors cannot enforce their payment.
The term “Bar Order” means those provisions within the Approval Order, effective as of the date the Trust receives the Settlement Amount, barring, estopping, and permanently enjoining all Persons from asserting any Barred Claims against the LMI/Interstate Entities.