Local Rule 3017-1: Disclosure Statement and Plan - General

Rule 3017-1 Disclosure Statement and Plan - General

(a) Minimum Information Required in Disclosure Statement The disclosure statement shall include, at a minimum, detailed information regarding the following:

(1) Description of the business of the debtor;

(2) History of the debtor prior to filing;

(3) Current financial information;

(4) Description of the plan;

(5) How the plan is to be executed;

(6) Liquidation analysis;

(7) Management to be retained and their compensation;

(8) Detailed financial projections of operations and discussion of underlying assumptions;

(9) Litigation pending or contemplated;

(10) Payments made for services in connection with the case or plan;

(11) Transactions with insiders; and

(12) Tax consequences.

(b) Approval of Disclosure Statement Unless the disclosure statement is conditionally approved, or the court has granted a motion not requiring a separate disclosure statement, approval of the disclosure statement shall be governed by FRBP 3017(a).

(c) Disclosure Statement in Case of Small Business Debtor and in Subchapter V Small Business Debtor Reorganization Cases if §1125 is applicable.

(1) A motion for an order determining that a separate disclosure statement is not necessary or for conditional approval of a disclosure statement shall be on seven (7) days notice and hearing to the United States trustee pursuant to LBR 2002-1.

(2) The proposed disclosure statement and plan shall be filed as an attachment to the motion.

(3) If either of the above motions is granted, then the proponent of the plan shall promptly file the approved combined plan or conditionally approved disclosure statement and plan, as appropriate, and comply with LBR 3018-1.

(d) Contents of Plan

(1) The plan shall clearly set forth what acts or events constitute substantial consummation of the plan.

(2) A plan providing for liquidation of property of the estate shall set a date certain by which liquidation must occur and shall provide for an alternative if liquidation does not occur by the date so set.

(e) List Classifying Claims A list classifying claims shall be filed with the plan and disclosure statement and shall be in the prescribed format.

Related Provisions FRBP 2002 Notices FRBP 3016 Filing Plan and Disclosure Statement FRBP 3017 Disclosure Hearing FRBP 3017.1 Disclosure Statement in Small Business Case FRBP 3018 Acceptance or Rejection of Plan FRBP 3019 Modification to Plan FRBP 3020 Confirmation of Plan LBR 3017-1 Chapter 11 - Plan and Pre-Confirmation Requirements LBR 3018-1 Chapter 11 Plan Confirmation LBR 3022-1 Final Account and Decree in Chapter 11 Reorganization Case 11 USC 101(51C) Small Business Defined 11 USC 1121 Who May File a Plan 11 USC 1125 Postpetition Disclosure and Solicitation 11 USC 1126 Acceptance of Plan 11 USC 1127 Modification of Plan 11 USC 1128 Confirmation Hearing 11 USC 1129 Confirmation of Plan