Business Chapter 7

(a)  Notice of Filing:  When an entity or a sole proprietorship 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.