Local Rule B-1007-3: Statement of Insider Compensation
Bankr. N.D. Ind. — General rule
B-1007-3 Statement of Insider Compensation
(a) In any case under Chapter 11 or 12 in which the debtor is not a natural person, within fourteen (14) days after the order for relief the debtor shall file a "Statement of Insider Compensation." This statement shall be verified and shall disclose:
(1) the identity and duties of any insider who received compensation from the debtor or an affiliate of the debtor during the year prior to the order for relief and the amount, terms, and conditions of such compensation;
(2) whether the amount, terms, or conditions of any insider's compensation have been altered or changed, in any way, during the year prior to the case and, if so, the date and the precise nature of any such alteration or change; and
(3) the identity of any insider who will be compensated during the case, the duties such insider is expected to be performing and the amount, terms, and conditions of any compensation.
(b) The debtor shall serve a copy of the "Statement of Insider Compensation" upon the United States trustee, any trustee, any committee and/or the entities included on any list required by Fed. R. Bankr. P. 1007(d) and shall file proof thereof.
(c) As to any insider hired or employed by the debtor after the date of the petition, the debtor shall file and serve, in accordance with paragraph (b), a supplemental statement, disclosing the information required by paragraph (a)(3), within fourteen (14) days after such employment.
(d) The debtor shall not compensate any insider until the statements required by this rule have been filed.
(e) The court may, upon its own initiative or the motion of any party in interest, review the reasonableness of the amount, terms, and conditions of any compensation received by any insider during the administration of the estate, following notice and hearing.
(f) As used in this rule, the term "insider" is as defined in § 101 of title 11 of the United States Code.
HISTORICAL AND REGULATORY NOTES By Order Amending Local Bankruptcy Rules dated November 18, 2009, this rule was amended effective December 1, 2009, to conform with the time computation changes in the Federal Rules of Bankruptcy Procedure.