SUMMARY OF REQUIREMENTS OF CHAPTER 11 DEBTORS.docx
- 文档编号:27192821
- 上传时间:2023-06-28
- 格式:DOCX
- 页数:61
- 大小:49.65KB
SUMMARY OF REQUIREMENTS OF CHAPTER 11 DEBTORS.docx
《SUMMARY OF REQUIREMENTS OF CHAPTER 11 DEBTORS.docx》由会员分享,可在线阅读,更多相关《SUMMARY OF REQUIREMENTS OF CHAPTER 11 DEBTORS.docx(61页珍藏版)》请在冰豆网上搜索。
SUMMARYOFREQUIREMENTSOFCHAPTER11DEBTORS
SUMMARYOFREQUIREMENTSOFCHAPTER11DEBTORS
OPENINGOFDEBTORINPOSSESSIONBANKACCOUNTS:
YoumustimmediatelycloseallaccountsmaintainedbeforetheChapter11filingandopennewaccountsthataredesignatedasDebtorinPossessionaccounts.ThebankatwhichyouopenthenewaccountsmusthaveexecutedanagreementwiththeU.S.Trusteetomeettherequirementsof11U.S.C.345.YoushouldcontacttheOfficeoftheU.S.Trusteetodeterminewhetherabankhasexecutedtheagreementandisontheapproveddepositorylist(SeeExhibit4).AtthetimetheDebtorinPossessionaccountsareopenedtheDebtorinPossessionStatementofDepositoryandAuthorizationforReleaseofInformationshouldbecompletedandsignedbythedebtorandthebank.TheoriginalofthisformmustimmediatelybeservedontheU.S.Trustee.
MAINTAININGINSURANCECOVERAGE:
Allassetsmustbeinsuredandallusualbusinessinsurance,includingliabilitycoverage,mustbemaintained.ThedebtormustimmediatelynotifyitsinsuranceagentthattheUnitedStatesTrustee,115S.UnionStreet,Alexandria,VA22314,istobeaddedasanadditionalcertificateholdertonotifiedintheeventofacancellationorchangeinthepolicy.Moreover,thedebtormustimmediatelyinstructtheinsurancecompany(ies)tofaxthecertificateofinsurancetotheU.S.Trusteeat(703)557-7279withintwo
(2)businessdaysoftheInitialDebtorConference.
FILINGOFMONTHLYFINANCIALREPORTS:
Monthlyfinancialreportsarerequiredtobefiledbythe15thofthemonthfortheprecedingcalendarmonth.OriginalsignaturesmustappearontheVERIFICATIONonthereportfiledwiththeBankruptcy.Thereferencedmonthlyreportsshouldhaveattached,ataminimum,thefollowingdocuments:
U.S.TrusteeBasicOperatingReportQuestionnaire,SummaryofDisbursements(toincludeacopyoftheCheckRegister),SummaryofCashReceipts,aCashBasisIncomeStatement,aCashBasisBalanceSheet,ProofofPayrollTaxPayments,,copiesofallbankstatementsforallaccountsmaintainedbytheDebtorinPossession,andotherdocumentationasrequestedbytheOfficeofU.S.Trustee.Debtorsontheaccrualbasisofaccountingmustfileadditionalreportstoincludebutmaynotbelimitedto:
SummaryAccountsReceivableAgingandSummaryAccountsPayableAging.
PAYMENTOFQUARTERLYU.S.TRUSTEEFEES:
YoumustpayafeetotheU.S.TrusteeforeachcalendarquarterthatthecaseisinChapter11untilthecaseisCLOSED.ThequarterlyfeeisowedevenifthedebtorisinChapter11foronlyapartofthequarterandisbasedonthedisbursementsmadebythedebtorduringthequarter.Thefeeisduebytheendofthemonthfollowingthecloseofthequarter,thatis:
January31,April30,July31,andOctober31.Youwillreceiveabillcalculatingthefeeowed.However,anysuchcalculationissubjecttoyourhavingtimelyandaccuratelyfiledthecompletemonthlyfinancialreportsreferencedintheaboveparagraph.Ifyoudonotreceiveabill,contacttheOfficeoftheU.S.Trusteeat(703)557-7176asyouremainresponsibleforpayment.FailuretopayU.S.TrusteeQuarterlyFeesonatimelyandaccuratebasiscouldleadtoyourmatterbeingreferredtotheDepartmentoftheU.S.Treasury.
PAYMENTOFALLTAXESTHATBECOMEDUE:
YoumusttimelyfilealltaxreturnsthataredueafterthefilingoftheChapter11caseandsendcopiestotheU.S.Trustee.PayrollwithholdingtaxesmustbepaidwhenpayrollismadeanddocumentationprovidedtotheU.S.Trustee,atleastonamonthlybasis,asanexhibittothemonthlyreport.
THEDEBTORMAYNOTMAKEPAYMENTSTOANYPROFESSIONAL(ATTORNEYS,ACCOUNTANTS,APPRAISERS,FINANCIALCONSULTANTS,ETC.)WITHOUTACOURTORDERAUTHORIZINGSUCHPAYMENTS.ACOURTORDERISALSOREQUIREDTOHIREALLPROFESSIONALS.
FAILURETOTIMELYANDACCURATELYCOMPLYWITHTHESEREQUIREMENTSMAYRESULTINTHEU.S.TRUSTEEFILINGAMOTIONTOCONVERTTHECASETOACHAPTER7LIQUIDATIONORTODISMISSTHECASE.
THISISONLYASHORTSUMMARYOFTHEREQUIREMENTSOFCHAPTER11DEBTORS.YOUSHOULDREADTHEATTACHEDCHAPTER11GUIDELINESCAREFULLYANDDISCUSSANYQUESTIONSYOUMAYHAVEWITHYOURATTORNEY.
MAKESURETOREDACT,EXCEPTFORTHELASTFOURDIGITS,ANYCONFIDENTIALINFORMATION(I.E.SOCIALSECURITY,CREDITCARDNUMBERS)ASANYRECORDSFILEDWITHTHEBANKRUPTCYCOURTBECOMEPUBLIC.
CHAPTER11DEBTOR’SACKNOWLEDGMENTOFATTENDANCE
ATTHEINITIALDEBTORINTERVIEW
ANDRECEIPTOFCHAPTER11GUIDELINESANDREPORTINGFORMS.
____________________________________________________________________________________CASENAMECASENUMBER
THEUNDERSIGNEDCHAPTER11DEBTOR(ORAUTHORIZEDREPRESENTATIVEOF
DEBTORPARTNERSHIPORCORPORATION),HASATTENDEDTHEINITIALCHAPTER11DEBTOR
INTERVIEWWITHTHEOFFICEOFTHEUNITEDSTATESTRUSTEEONTHISDATE,ATWHICHTIME
THEADMINISTRATIVEREQUIREMENTSOFCHAPTER11DEBTORSWEREREVIEWED.
THEUNDERSIGNEDACKNOWLEDGESRECEIPTOFTHEUNITEDSTATESTRUSTEE’S
CHAPTER11GUIDELINESANDREPORTINGFORMS.INADDITION,THEUNDERSIGNEDHEREBY
ACKNOWLEDGESTHATTHEYHAVEPERSONALLYREVIEWEDTHESUMMARYOFU.S.TRUSTEE
GUIDELINESHEREATTACHED.
__________________________________________________________________
SIGNATUREPRINTNAME
_________________________________________________________________
DATEPHONENUMBER
_________________________________________________________________
E-MAILTYPEOFWORKPAPERSRECEIVED
U.S.DepartmentofJustice
OfficeoftheUnitedStatesTrustee
EasternDistrictofVirginia
AlexandriaDivisionandDistrictofColumbia
115S.UnionSt.Ste210703-557-7176
Alexandria,VA22314FAX703-557-7279
OPERATINGGUIDELINESANDREPORTINGREQUIREMENTS
OFTHEUNITEDSTATESTRUSTEE
FORCHAPTER11DEBTORSINPOSSESSION
ANDCHAPTER11TRUSTEES
INTRODUCTION
A.UnitedStatesTrustee'sAuthoritytoSuperviseDebtorinPossession
Pursuantto28U.S.C.586and11U.S.C.704(8),theUnitedStatesTrusteehasestablishedtheseOperatingGuidelinesandReportingRequirements(therequirements)forchapter11debtorsinpossessionandchapter11trustees(thedebtorordebtors).Undertheserequirements,debtorsmustestablishandobservecertainoperatingproceduresandfilecertainfinancialreportswiththeBankruptcyCourt,theUnitedStatesTrustee,andanycommitteeappointedinthecasebytheUnitedStatesTrustee.Counselshouldcarefullyreviewtheserequirementswithdebtoruponreceipt.
B.Compliance,AmendmentsorModifications
Timelycompliancewitheachoftherequirementscontainedhereinismandatory.Failuretocomplywithanyrequirementmayresultinthefilingofamotiontodismissorconvertthecaseoramotiontoappointachapter11trusteeorexaminer.Anyrequesttoamendormodifytheserequirementsforaparticularchapter11casemustbemadeinwriting.Tobeeffective,approvalbytheUnitedStatesTrusteemustbeinwriting.
C.DutiesofDebtorinPossession
Withthefilingofachapter11petition,adebtorbecomesanewentitycalledadebtorinpossession.Thedebtorinpossessionhasfiduciaryandstatutoryresponsibilitiestopreserveandmaintaintheestateandtooperateitsbusinessasefficientlyaspossibleinordertomaximizeultimatepaymentsonpre-petitiondebtswhilekeepingpost-petitiondebtcurrent.(See11U.S.C.1106and1107.)Thesedutiesinclude,butarenotlimitedto,thedebtorsdutyto:
1.Beaccountableforallpropertyreceived;
2.Maintainappropriateinsurancetoprotecttheestateandthepublicfromunreasonablerisk;
3.Complywithordersofthecourt;
4.Timelycomplywithfilingandreportingrequirements;
5.Obtainauthoritytousecashcollateral;
6.AttendmeetingsofcreditorsandanyexaminationorderedunderRule2004oftheFederalRulesofBankruptcyProcedure;
7.ProvideinformationorattendmeetingsreasonablyrequestedbytheUnitedStatesTrustee;andunlessthecourtordersotherwise,furnishsuchinformationconcerningtheestateandtheestatesadministrationasisrequestedbyapartyininterest;
8.Paytaxesowedafterthedateoftheorderforrelief;
9.Filetaxreturnsdueafterthedateoftheorderforrelief;
10.PayquarterlyfeestotheUnitedStatesTrustee;
11.Filingaplanassoonaspracticable;and
12.Payanydomesticsupportobligationthatbecomesdueafterthedateofthefilingofthepetition
D.DutiesofTrusteeorDebtorinPossessioninSmallBusinessCases
Asmallbusinesscaseisacaseinwhichthedebtorisasmallbusinessdebtor.See11U.S.C.101(51C)and(51D).Inadditiontothedutiesthatapplytoallchapter11debtors,section1116oftheBankruptcyCodesetsoutanumberofrequirementsthatarespecificallydirectedatsmallbusinesscases:
1.Thedebtormustappendtothevoluntarypetitionitsmostrecentbalancesheet,statementofoperations,cash-flowstatement,andfederalincometaxreturn,orastatementmadeunderpenaltyofperjurythatthefinancialstatementshavenotbeenpreparedorthetaxreturnhasnotbeenfiled.
2.Thedebtormustattend,throughitsseniormanagementpersonnelandcounsel,meetingsscheduledbythecourtortheUnitedStatesTrustee,includinginitialdebtorinterviews,schedulingconferences,andthe341meetingofcreditors,unlessthecourtwaivestherequirementuponafindingofextraordinaryandcompellingcircumstances.
3.Thedebtormusttimelyfileallschedulesandstatementsoffinancialaffairsunlessthecourtgrantsanextensionoftime,whichshallnotextendbeyond30daysaftertheorderforreliefabsentextraordinaryandcompellingcircumstances.
4.Thedebtormustfileallpost-petitionfinancialandotherreportsrequired
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- SUMMARY OF REQUIREMENTS CHAPTER 11 DEBTORS
链接地址:https://www.bdocx.com/doc/27192821.html