To all Bankruptcy Practitioners: please note the following update for chapter 11 reporting, as posted to the Region 20 United States Trustee Website
Monthly Operating Reports all cases due 21st of month
Quarterly Post Confirmation Reports due last day of month following reporting period
MONTHLY OPERATING REPORTS. Debtor must file an original monthly operating report with the Clerk of the Bankruptcy Court, and serve a copy upon the United States Trustee. The monthly operating reports must be prepared using the forms provided on our website at http://www.usdoj.gov/ust/r20. Debtors who are individuals and/or operate a sole proprietorship must complete and file a Monthly Operating Report (Individuals). Debtors who are partnerships, LLC's, professional corporations, or corporations must complete and file the Standard Monthly Operating Report (Business). Small Business Debtors must complete and file a Small Business Monthly Operating Report. The Monthly Operating Report is based on a calendar month (e.g. January 1 - January 31), and all reports must be filed by the 21st day of the month following the reporting period.
The Monthly Operating Report cover page must be signed by the debtor's attorney before filing with the court or submitting to the United States Trustee. Additional financial information may be required by the United States Trustee.
With respect to small business debtors, the Basic Monthly Operating Report must include the industry classification code for the debtor's business as required by 28 U.S.C. § 586b(c)(1). The United States Department of Commerce through the Census Bureau promulgates the North American Industry Classification System ("NAICS"). Business debtors should be aware of their NAICS number since it is widely used for tax and workers' compensation purposes. This number must be entered on U. S. Trustee Basic Monthly Operating Report on the line for the "SIC Code."
Debtors have a continuing obligation to file monthly operating reports until the court approves and confirms the Plan of Reorganization. After confirmation debtors are required to file a quarterly Post-Confirmation Operating Report. The Post-Confirmation Operating Report includes, among other things, all payments made under the Plan of Reorganization and payments made in the ordinary course of doing business. These reports must be filed quarterly until the court enters a Final Decree, dismisses the case, or converts the case to another chapter in bankruptcy. The original report must be filed with the Clerk of the Bankruptcy Court, and a copy served upon the United States Trustee. The report must be filed by the last day of the month following the reporting period. The Post-Confirmation Operating Reports may be obtained by accessing our website at http://www.usdoj.gov/ust/r20.
Brought to you by the Bankruptcy and Reorganization Section of the Oklahoma Bar Association.