11 U.S.C. § 308 — Debtor reporting requirements
submitted 21 years ago by Pub. L. 109-8 to r/title-11-BANKRUPTCY · 213 words · no verdicts yet
A small business debtor in bankruptcy must file regular reports on its profits and cash flow. These reports must show whether it's following the rules and paying its taxes, and explain any failures and how it plans to fix them.
(a) In this section, "profitability" means how much money the debtor* has earned or lost during the current and recent fiscal periods.
(b) A debtor in a small business bankruptcy case must file periodic reports covering: (1) the debtor's profitability; (2) reasonable estimates of expected cash coming in and going out over a reasonable period; (3) comparisons of actual cash flow against earlier projections; (4) whether the debtor is (A) following, in every material way, the rules that apply after filing, under this title and the Federal Rules of Bankruptcy Procedure, and (B) filing tax returns and other required government paperwork on time, and paying taxes and administrative expenses when due; (5) if the debtor is falling short on (4)(A) or (4)(B), what exactly is going wrong, and how, at what cost, and when the debtor plans to fix it; and (6) anything else that serves the best interests of the debtor and creditors, and the public's interest in fair, efficient Chapter 11 proceedings.
For purposes of this section, the term “profitability” means, with respect to a debtor*, the amount of money that the debtor has earned or lost during current and recent fiscal periods.
A debtor in a small business case shall file periodic financial and other reports containing information including—
the debtor’s profitability;
reasonable approximations of the debtor’s projected cash receipts and cash disbursements over a reasonable period;
comparisons of actual cash receipts and disbursements with projections in prior reports;
whether the debtor is—
in compliance in all material respects with postpetition requirements imposed by this title and the Federal Rules of Bankruptcy Procedure; and
timely filing tax returns and other required government filings and paying taxes and other administrative expenses when due;
if the debtor is not in compliance with the requirements referred to in paragraph (4)(A) or filing tax returns and other required government filings and making the payments referred to in paragraph (4)(B), what the failures are and how, at what cost, and when the debtor intends to remedy such failures; and
such other matters as are in the best interests of the debtor and creditors, and in the public interest in fair and efficient procedures under chapter 11 of this title.
Source credit: (Added Pub. L. 109–8, title IV, § 434(a)(1), Apr. 20, 2005, 119 Stat. 111; amended Pub. L. 111–327, § 2(a)(10), Dec. 22, 2010, 124 Stat. 3558.)
- 2005Enacted · Pub. L. 109-8 · 119 Stat. 111
- 2010Amended · Pub. L. 111-327 · 124 Stat. 3558
A history note hasn’t been published yet. The record shows enactment by Pub. L. 109-8 on 2005-04-20.
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