(a) Scope. The requirements of this section apply to all chapter 11 debtors who do not qualify as a “small business debtor” under 11 U.S.C. 101(51D). Nothing in this section shall excuse, supersede, or otherwise modify any applicable nonbankruptcy reporting obligations, including, but not limited to, those set forth in chapters 2a through 2e of title 15 of the United States Code.
(b) UST Form 11-MOR, Monthly Operating Report. Debtors-in-possession (debtor) and chapter 11 trustees (trustee) must file with the court and serve upon the United States Trustee, any official committee appointed under 11 U.S.C. 1102, any governmental unit charged with responsibility for collection or determination of any tax arising out of the estate's operation, and any requesting party in interest monthly operating reports using UST Form 11-MOR (MOR). In jointly administered cases, unless otherwise required by the United States Trustee in the United States Trustee's discretion, each jointly administered debtor is required to file a separate MOR on a nonconsolidated basis. The MOR must contain the following:
(1) Information about the industry classification, published by the Department of Commerce, for the businesses conducted by the debtor;
(2) Length of time the case has been pending as of the end of the reporting period;
(3) Number of full-time employees as of the date of the order for relief and at the end of each reporting period since the case was filed;
(4) Cash receipts, cash disbursements, and profitability of the debtor during the reporting period and cumulatively since the date of the order for relief;
(5) Asset and liability status as of the end of the reporting period;
(6) Assets sold or transferred outside the ordinary course of business (with or without court approval) during the reporting period and cumulatively since the date of the order for relief;
(7) Income statement, commonly referred to as a statement of operations, for the reporting period;
(8) All professional fees approved by the court in the case during the reporting period and cumulatively since the date of the order for relief (separately reported, for the professional fees incurred by or on behalf of the debtor, between those that would have been incurred absent a bankruptcy case and those not);
(9) Information about whether tax returns and tax payments since the date of the order for relief have been timely filed and made;
(10) Payments made on pre-petition debt during the reporting period;
(11) Payments made outside the ordinary course of business without court approval during the reporting period;
(12) Payments made to or on behalf of insiders during the reporting period;
(13) Postpetition borrowing during the reporting period;
(14) Information about insurance, including workers' compensation, casualty/property, and general liability during the reporting period;
(15) Information about whether disclosure statements and plans of reorganization have been filed with the court during the reporting period; and
(16) Information about the payment of quarterly fees to the United States Trustee during the reporting period.
(c) Individual chapter 11 debtors. Individual debtors also must complete Part 8 of the MOR, which includes the following:
(1) Total income during the reporting period, including income from salary, wages, self-employment, and any other source;
(2) Total expenses during the reporting period, including expenses related to self-employment, and unusual or significant unanticipated expenses;
(3) Difference between total income in paragraph (c)(1) of this section and total expenses in paragraph (c)(2) of this section;
(4) Debts (that are not related to self-employment) that were incurred since the petition filing date, which are past due; and
(5) Information about whether all required domestic support obligation payments (as that term is defined by 11 U.S.C. 101(14A)) have been paid.
(d) Supporting MOR documents.
(1) Unless the United States Trustee in the United States Trustee's discretion provides otherwise, any non-individual debtor or trustee must file with the court and serve upon the United States Trustee, any official committee appointed under 11 U.S.C. 1102, any governmental unit charged with responsibility for collection or determination of any tax arising out of the estate's operation, and any requesting party in interest the following documentation:
(i) Statement of cash receipts and disbursements that shows all cash receipts and cash disbursements for all bank and investment accounts;
(ii) Balance sheet containing the summary and detail of the assets, liabilities, and equity (net worth) or deficit of the estate. The estate's prepetition liabilities and retained earnings must be reported separately from the estate's postpetition liabilities and retained earnings; and
(iii) Statement of operations (profit or loss statement) that compares the estate's actual performance with projected performance.
(2) At the discretion of the United States Trustee, an individual debtor may be required to file with the court and serve upon the United States Trustee, any official committee appointed under 11 U.S.C. 1102, any governmental unit charged with responsibility for collection or determination of any tax arising out of the estate's operation, and any requesting party in interest the documentation identified in paragraph (d)(1) of this section.
(3) At the discretion of the United States Trustee, the debtor or trustee may be required to file with the court and serve upon the United States Trustee, any official committee appointed under 11 U.S.C. 1102, any governmental unit charged with responsibility for collection or determination of any tax arising out of the estate's operation, and any requesting party in interest the following documentation:
(i) Accounts receivable aging, which is an aged summary of accounts receivable including total receivables, net of doubtful accounts;
(ii) Postpetition liabilities aging, which is an aged summary schedule of postpetition liabilities segregated by general payables, amounts owed to professionals, taxes, etc.;
(iii) Statement of capital assets that identifies the book value of all capital assets on the petition date, the book value at the beginning of the reporting period, any additions or deletions including depreciation, and the book value at the end of the reporting period;
(iv) Schedule of payments to professionals that identifies all fees and expenses for all professionals employed in the bankruptcy case;
(v) Schedule of payments to insiders that includes all payments made by the debtor to any person or entity considered an insider under 11 U.S.C. 101(31);
(vi) Bank statements and bank reconciliations that reflect all bank accounts and banking transactions;
(vii) Descriptions of assets sold or transferred outside the ordinary course of business during the reporting period, and the terms of such sales or transfers;
(viii) Registers or ledgers documenting the estate's cash disbursements during the reporting period;
(ix) Statement of cash flows during the reporting period;
(x) Other transactional documents, including real estate settlement documents, contracts, or loan documents for the reporting period; and
(xi) Other records.
(e) Deadlines for filing and submitting MOR. The MOR must be filed with the court and submitted to the United States Trustee on a monthly basis. Unless otherwise provided by local rule, each MOR must be filed by no later than the 21st day of the month immediately following the reporting period covered by the MOR. The MOR must be filed every month until one of the following occurs:
(1) The effective date of a confirmed plan of reorganization;
(2) The conversion of the case to a case under another chapter; or
(3) The dismissal of the case.
(f) UST Form 11-PCR, Post-confirmation Report. Following the effective date of a confirmed plan, reorganized debtors and any other authorized parties who have been charged with administering the confirmed plan must file with the court and serve upon the United States Trustee, any governmental unit charged with responsibility for collection or determination of any tax arising out of such operation, and any requesting party in interest quarterly post-confirmation reports using UST Form 11-PCR. In jointly administered cases, unless otherwise required by the United States Trustee in the United States Trustee's discretion, each jointly administered debtor, reorganized debtor, or other authorized party who has been charged with administering a confirmed plan is required to file a separate PCR on a nonconsolidated basis. The PCR must contain the following:
(1) Date the petition was filed and the date of plan confirmation;
(2) Summary of all post-confirmation amounts disbursed. This summary must be segregated into disbursements during the most recent reporting period and total disbursements since the date of the confirmation order;
(3) All preconfirmation professional fees approved by the court in the case for the most recent period and cumulatively since the date of the order for relief (separately reported, for the professional fees incurred by or on behalf of the debtor, between those that would have been incurred absent a bankruptcy case and those not);
(4) Information regarding the recoveries of holders of claims under confirmed plans. This information must be expressed in aggregate dollar values and, in the case of claims, as a percentage of total claims of the class allowed;
(5) Information on whether a final decree has been entered or is anticipated to be entered; and
(6) Information about the payment of quarterly fees to the United States Trustee during the reporting period.
(g) Deadlines for filing and submitting PCR. The PCR must be filed with the court and submitted to the United States Trustee on a quarterly basis. Unless otherwise provided by local rule, each PCR must be filed not later than the 21st day following the last day of the reporting (previous) quarter. The PCR must be filed every quarter until one of the following occurs:
(1) The date of the final decree;
(2) The conversion of the case to a case under another chapter; or
(3) The dismissal of the case.
(h) Accounting methods. Generally Accepted Accounting Principles (GAAP) are required to be used when completing the Periodic Reports, except if the debtor used a different set of accounting standards prepetition or if the United States Trustee or an order of the court otherwise modifies the GAAP requirement. If the debtor uses GAAP accounting, supporting documents must comply with GAAP, such as the Financial Accounting Standards Board's Accounting Standards Codification 852, “Reorganizations.”
(i) Certification of Periodic Reports' accuracy. The Periodic Reports must be certified under penalty of perjury that they are true and correct by an individual who is authorized under applicable law to certify on behalf of the debtor, trustee, reorganized debtor, or other authorized party who has been charged with administering a confirmed plan. The debtor's, trustee's, reorganized debtor's, or other authorized party's attorney must maintain possession of the Periodic Reports with original holographic signatures for five years, unless otherwise provided by local rule. In addition to the obligations imposed by (l)(2), a pro se debtor must submit the Periodic Reports with original holographic signatures to the office of the United States Trustee in the district in which the bankruptcy case is pending.
(j) Mandatory usage of Periodic Reports. The Periodic Reports must be utilized by debtors and trustees when completing their monthly operating reports or post-confirmation reports. The Periodic Reports shall be used without alteration, except as otherwise provided in this rule, in a particular UST Form 11-MOR or UST Form 11-PCR, or in the instructions for UST Form 11-MOR or UST Form 11-PCR. The Periodic Reports may be modified to permit minor changes not affecting wording or the order of presenting information. All debtors and chapter 11 trustees serving in districts where a United States Trustee is serving must use the Periodic Reports in the administration of their cases, in the same manner and with the same content, as set forth in this Rule.
(1) All Periodic Reports may be electronically or mechanically reproduced so long as the content and the form remain consistent with the Periodic Reports as they are posted on EOUST's website; and
(2) The Periodic Reports shall be filed via the United States Bankruptcy Courts' Case Management/Electronic Case Filing System (CM/ECF) as a “smart form,” meaning the reports are data-embedded.
[85 FR 82913, Dec. 21, 2020]