BK Code & rules regarding Cash Collateral

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BK Code & rules regarding Cash Collateral

posted on Aug 11, 2014 10:33AM

Complying With The Requirements Of The Bankruptcy Code And Rules:

The Court expects strict compliance with the Code and Rules. Failure to comply with the following
requirements often leads to an early conversion of the case:

Attendance at § 341(a) Meeting of Creditors.
Cash Collateral. 11 U.S.C. § 363(c)(2) prohibits the use of cash collateral unless the debtor has either the prior consent of each creditor having an interest in the collateral or an order from the Court.
Transactions Outside the Ordinary Course of Business. 11 U.S.C. § 363(b)(1) requires prior notice and hearing.
Post Petition Taxes. The Court expects all post petition taxes to be paid timely and all required tax returns to be timely filed.
Monthly Operating Reports. Bankruptcy Local Rule 2015-2 requires monthly operating reports and tax reports to be filed on the 21th day of each month.
Quarterly United States Trustee Fees. 28 U.S.C. § 1930(a)(6) requires a quarterly fee to be paid to the United States Trustee. The amount of the fee will depend upon the amount of disbursements made by the debtor during each quarter.
Funds of the Estate. Bankruptcy Local Rule 2015-1 requires all estate funds to be deposited and maintained in a debtor-in-possession (DIP) bank account.