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11 U.S.C. § 1116 — Duties of trustee or debtor in possession in small business cases
Federal law — U.S. Code and appendices · legal_authorities
In a small business case, a trustee or the debtor in possession, in addition to the duties provided in this title and as otherwise required by law, shall—
(1) append to the voluntary petition or, in an involuntary case, file not later than 7 days after the date of the order for relief—
(A) its most recent balance sheet, statement of operations, cash-flow statement, and Federal income tax return; or
(B) a statement made under penalty of perjury that no balance sheet, statement of operations, or cash-flow statement has been prepared and no Federal tax return has been filed;
(2) attend, through its senior management personnel and counsel, meetings scheduled by the court or the United States trustee, including initial debtor interviews, scheduling conferences, and meetings of creditors convened under section 341 unless the court, after notice and a hearing, waives that requirement upon a finding of extraordinary and compelling circumstances;
(3) timely file all schedules and statements of financial affairs, unless the court, after notice and a hearing, grants an extension, which shall not extend such time period to a date later than 30 days after the date of the order for relief, absent extraordinary and compelling circumstances;
(4) file all postpetition financial and other reports required by the Federal Rules of Bankruptcy Procedure or by local rule of the district court;
(5) subject to section 363(c)(2), maintain insurance customary and appropriate to the industry;
(6)
(A) timely file tax returns and other required government filings; and
(B) subject to section 363(c)(2), timely pay all taxes entitled to administrative expense priority except those being contested by appropriate proceedings being diligently prosecuted; and
(7) allow the United States
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Source location: Title 11, Chapter 11, § 1116; chapter-011-reorganization.md
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In a small business case, a trustee or the debtor in possession, in addition to the duties provided in this title and as otherwise required by law, shall—
(1) append to the voluntary petition or, in an involuntary case, file not later than 7 days after the date of the order for relief—
(A) its most recent balance sheet, statement of operations, cash-flow statement, and Federal income tax return; or
(B) a statement made under penalty of perjury that no balance sheet, statement of operations, or cash-flow statement has been prepared and no Federal tax return has been filed;
(2) attend, through its senior management personnel and counsel, meetings scheduled by the court or the United States trustee, including initial debtor interviews, scheduling conferences, and meetings of creditors convened under section 341 unless the court, after notice and a hearing, waives that requirement upon a finding of extraordinary and compelling circumstances;
(3) timely file all schedules and statements of financial affairs, unless the court, after notice and a hearing, grants an extension, which shall not extend such time period to a date later than 30 days after the date of the order for relief, absent extraordinary and compelling circumstances;
(4) file all postpetition financial and other reports required by the Federal Rules of Bankruptcy Procedure or by local rule of the district court;
(5) subject to section 363(c)(2), maintain insurance customary and appropriate to the industry;
(6)
(A) timely file tax returns and other required government filings; and
(B) subject to section 363(c)(2), timely pay all taxes entitled to administrative expense priority except those being contested by appropriate proceedings being diligently prosecuted; and
(7) allow the United States trustee, or a designated representative of the United States trustee, to inspect the debtor’s business premises, books, and records at reasonable times, after reasonable prior written notice, unless notice is waived by the debtor.
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Federal law — U.S. Code and appendices · legal_authorities
In this title the following definitions shall apply:
(1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized.
(2) The term “affiliate” means—
(A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities—
(i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or
(ii) solely to secure a debt, if such entity has not in fact exercised such power to vote;
(C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or
(D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement.
(3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Filing Requirements.—** Upon electing to be a debtor under this subchapter, the debtor shall file the documents required by subparagraphs (A) and (B) of [section 1116(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1116/1&num=0&edition=prelim).
**(b) Other Applicable Provisions.—** A debtor, in addition to the duties provided in this title and as otherwise required by law, shall comply with the requirements of section 308 and paragraphs (2), (3), (4), (5), (6), and (7) of [section 1116 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1116&num=0&edition=prelim).
**(c) Separate Disclosure Statement Exemption.—** If the court orders under [section 1181(b) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1181/b&num=0&edition=prelim) that [section 1125 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1125&num=0&edition=prelim) applies, [section 1125(f) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1125/f&num=0&edition=prelim) shall apply.
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Federal law — U.S. Code and appendices · legal_authorities
Page 254
TITLE 11—BANKRUPTCY
§ 1115
the court, on motion of a party in interest, and
after notice and a hearing, shall issue an order
reinstating as of the date the modification was
made, such benefits as in effect immediately be-
fore such date unless the court finds that the
balance of the equities clearly favors such modi-
fication.
(m) This section shall not apply to any retiree,
or the spouse or dependents of such retiree, if
such retiree’s gross income for the twelve
months preceding the filing of the bankruptcy
petition equals or exceeds $250,000, unless such
retiree can demonstrate to the satisfaction of
the court that he is unable to obtain health,
medical, life, and disability coverage for him-
self, his spouse, and his dependents who would
otherwise be covered by the employer’s insur-
ance plan, comparable to the coverage provided
by the employer on the day before the filing of
a petition under this title.
(Added Pub. L. 100–334, § 2(a), June 16, 1988, 102
Stat. 610; amended Pub. L. 109–8, title IV, § 447,
title XIV, § 1403, Apr. 20, 2005, 119 Stat. 118, 215.)
Editorial Notes
AMENDMENTS
2005—Subsec. (d). Pub. L. 109–8, § 447, substituted
‘‘order the appointment of’’ for ‘‘appoint’’ and inserted
‘‘The United States trustee shall appoint any such
committee.’’ at end.
Subsecs. (l), (m). Pub. L. 109–8, § 1403, added subsec. (l)
and redesignated former subsec. (l) as (m).
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE OF 2005 AMENDMENT
Amendment by section 1403 of Pub. L. 109–8 effective
Apr. 20, 2005, and applicable only with respect to cases
commenced under this title on or after Apr. 20, 2005, see
section 1406 of Pub. L. 109–8, set out as a note under sec-
tion 507 of this title.
Amendment by section 447 of Pub. L. 109–8
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