Sba Form 1979 - Liquidation Plan Format
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2SBA Form 1979, Liquidation Plan Format
Justification for transfer to “liquidation” status: (e.g., Non-Payment, Bankruptcy [attach 341 Notice - Meeting
1.
rd
of Creditors], Property Abandoned, 3
Party Litigation/Foreclosure by Prior Lienholder, Business Closed,
other)
Cause of business breakdown & workout attempts: Include comments on management assistance offered
2.
and/or given, and attach copy of the most recent field visit report or memo. SBA requires a site visit to the
borrower’s business premises and the site of any other worthwhile collateral within 60 days of an unremedied
default in payment, or as soon as possible if there are assets of significant value that could be removed or
depleted. Whether or not a payment default exists, a site visit must be conducted within 15 days of any event
which causes a loan to be placed into liquidation status.
Describe any “non-SBA” loans lender has with any borrower, guarantor or principal: if none, so state. If yes,
3.
please attach copies of loan documentation (e.g., Note, Security Agreement, UCC filings, Deed of Trust,
Mortgage, etc.) and a proposal as to how you will allocate and share expenses and funds recovered.
List name, address, SSN and Tax ID# for all obligors and guarantors: Include copies of demand letters if sent,
4.
and whether life insurance is still in force if it was required.
Complete the attached Litigation Plan if court action is necessary and any of the following are present: (1) the
5.
litigation will be contested; (2) you have any-non SBA loans to the borrower, guarantors or principles; or (3)
the litigation expenses are expected to exceed $5,000.00.
General Recovery Plan: Briefly describe the proposed liquidation process and the estimated time. Discuss
6.
actions to be taken to dispose of all collateral (e.g., voluntary sale, abandonment, judicial or non-judicial
foreclosure, public auction, compromise settlement, deed in lieu, etc.). It is important to comment on any
potential environmental/toxic concerns, whether hazard insurance is in effect or if purchase of insurance is
recommended, and if there are any significant items of collateral missing. If it appears the liquidation value of
all collateral is insufficient to fully repay the loan, include discussion of what other options are considered
feasible compared with the estimated costs to pursue (e.g., litigation against guarantors). SBA procedures
require that business assets be liquidated first and compromise alternatives be explored, if feasible, prior to
foreclosure against a personal residence.
7. See Following Page
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