WHAT ARE THE DUTIES OF A CHAPTER 11 DEBTOR?
A Chapter 11 filing can be used to reorganize a large corporation, a small business or it could be utilized on an individual basis for those individuals that do not qualify for a Chapter 7.
The entity filing a Chapter 11 has certain fiduciary obligations including:
- Accounting for property and assets
- Examining and objecting to claims of creditors
- Filing required reports including monthly operating reports
- Obtaining court approval to employ professionals, such as attorneys, accountants, appraisers, auctioneers or others as needed during the case
- Filing tax returns
The office of the U.S. Trustee is responsible for monitoring the compliance of the debtor in possession. We have a strong relationship with the U.S. Trustee’s office and have established a good relation and reputation that benefits our Chapter 11 clients.
Oppenheim Law | Bankruptcy Attorneys
2500 Weston Rd #404
Fort Lauderdale, FL 33331