Business Chapter 7
(a) Notice of Filing: When an entity or a sole propriertorship files a chapter 7 bankruptcy, the 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.
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