Local Rule Rule 1005-3: Business Chapter 7

Rule 1005-3. Business Chapter 7

(a) Notice of Filing. When an entity or a sole proprietorship files a chapter 7 bankruptcy, debtor must contact the chapter 7 trustee assigned to the case within 24 hours of receiving the trustee assignment.

(b) Information to be Provided. Debtor must provide the following information to the trustee (regardless of whether the Schedules and Statement of Financial Affairs have been filed):

(1) Business address;

(2) Location of all assets;

(3) Confirm whether business operations have ceased; and

(4) Contact information for principal, director, president, CEO, managing member, partner or other individuals in charge of operations and financial records.

(c) Turnover. Among other things, debtor must arrange for turnover of the following property and information to the trustee:

(1) Keys and passwords to access buildings, mail or post office boxes, computers; and

(2) Access to all bank accounts and all banking information.

Notes 2018: New LR ensures that a business ceases operations upon filing a chapter 7 bankruptcy case and all assets are turned over to the trustee assigned to the case as of the petition date.