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11 U.S.C. § 308 — Debtor reporting requirements
Federal law — U.S. Code and appendices · legal_authorities
**(a)** For purposes of this section, the term “profitability” means, with respect to a debtor, the amount of money that the debtor has earned or lost during current and recent fiscal periods.
**(b)** A debtor in a small business case shall file periodic financial and other reports containing information including—
(1) the debtor’s profitability;
(2) reasonable approximations of the debtor’s projected cash receipts and cash disbursements over a reasonable period;
(3) comparisons of actual cash receipts and disbursements with projections in prior reports;
(4) whether the debtor is—
(A) in compliance in all material respects with postpetition requirements imposed by this title and the Federal Rules of Bankruptcy Procedure; and
(B) timely filing tax returns and other required government filings and paying taxes and other administrative expenses when due;
(5) if the debtor is not in compliance with the requirements referred to in paragraph (4)(A) or filing tax returns and other required government filings and making the payments referred to in paragraph (4)(B), what the failures are and how, at what cost, and when the debtor intends to remedy such failures; and
(6) such other matters as are in the best interests of the debtor and creditors, and in the public interest in fair and efficient procedures under chapter 11 of this title.
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Source location: Title 11, Chapter 3, § 308; chapter-003-case-administration.md
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**(a)** For purposes of this section, the term “profitability” means, with respect to a debtor, the amount of money that the debtor has earned or lost during current and recent fiscal periods.
**(b)** A debtor in a small business case shall file periodic financial and other reports containing information including—
(1) the debtor’s profitability;
(2) reasonable approximations of the debtor’s projected cash receipts and cash disbursements over a reasonable period;
(3) comparisons of actual cash receipts and disbursements with projections in prior reports;
(4) whether the debtor is—
(A) in compliance in all material respects with postpetition requirements imposed by this title and the Federal Rules of Bankruptcy Procedure; and
(B) timely filing tax returns and other required government filings and paying taxes and other administrative expenses when due;
(5) if the debtor is not in compliance with the requirements referred to in paragraph (4)(A) or filing tax returns and other required government filings and making the payments referred to in paragraph (4)(B), what the failures are and how, at what cost, and when the debtor intends to remedy such failures; and
(6) such other matters as are in the best interests of the debtor and creditors, and in the public interest in fair and efficient procedures under chapter 11 of this title.
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Federal law — U.S. Code and appendices · legal_authorities
The Supreme Court shall have the power to prescribe by general rules, the forms of process, writs, pleadings, and motions, and the practice and procedure in cases under title 11.
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Federal law — U.S. Code and appendices · legal_authorities
Page 51
TITLE 11—BANKRUPTCY
§ 308
tion. This section recognizes that there are cases in
which it would be appropriate for the court to decline
jurisdiction. Abstention under this section, however, is
of jurisdiction over the entire case. Abstention from ju-
risdiction over a particular proceeding in a case is gov-
erned by proposed 28 U.S.C. 1471(c). Thus, the court is
permitted, if the interests of creditors and the debtor
would be better served by dismissal of the case or sus-
pension of all proceedings in the case, to so order. The
court may dismiss or suspend under the first para-
graph, for example, if an arrangement is being worked
out by creditors and the debtor out of court, there is no
prejudice to the results of creditors in that arrange-
ment, and an involuntary case has been commenced by
a few recalcitrant creditors to provide a basis for future
threats to extract full payment. The less expensive out-
of-court workout may better serve the interests in the
case. Likewise, if there is pending a foreign proceeding
concerning the debtor and the factors specified in pro-
posed 11 U.S.C. 304(c) warrant dismissal or suspension,
the court may so act.
Subsection (b) gives a foreign representative author-
ity to appear in the bankruptcy court to request dis-
missal or suspension. Subsection (c) makes the dis-
missal or suspension order nonreviewable by appeal or
otherwise. The bankruptcy court, based on its experi-
ence and discretion is vested with the power of deci-
sion.
Editorial Notes
AMENDMENTS
2005—Subsec. (a)(2). Pub. L. 109–8 added par. (2) and
struck out former par. (2) which read as follows:
‘‘(2)(A) there is pending a foreign proceeding; and
‘‘(B) the factors specified in section 304(c) of this title
warrant such dismissal or suspensio
Source: Supplied 2024 U.S. Code historical extraction · 11 U.S.C. § 308
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