Handbook for Chapter 7 Trustees
APPENDIX A SECTION 341(a) MEETING OF CREDITORS
(Effective July 1, 2002; Updated March 1, 2006)
REQUIRED STATEMENTS/QUESTIONS (*)SAMPLE GENERAL QUESTIONS
(To be asked when deemed appropriate.)In cases where debtors are engaged in business, the following questions should be considered:
1. Who was responsible for maintaining financial records?
2. Which of the following records were maintained?
a. Cash receipts journal
b. Cash disbursements journal
c. General journal
d. Accounts receivable ledger
e. Accounts payable ledger
f. Payroll ledger
g. Fixed asset ledger
h. Inventory ledger
i. General ledger
j. Balance sheet, income statement, and cash flow statements
3. Where are each of the foregoing records now located?
4. Who was responsible for preparing financial statements?
5. How often were financial statements prepared?
6. For what periods are financial statements available?
7. Where are such financial statements now located?
8. Was the business on a calendar year or a fiscal year?
9. Were federal income tax returns filed on a timely basis? When was the last return filed?
10. Do you have copies of the federal income tax returns? Who does have the copies?
11. What outside accountants were employed within the last three years?
12. Do you have copies of the reports of such accountants? Who does have copies?
13. What bank accounts were maintained within the last three years?
14. Where are the bank statements and canceled checks now located?
15. What insurance policies were in effect within the last year? What kind, and why?
16. From whom can copies of such insurance policies be obtained?
17. If the business is incorporated, where are the corporate minutes?
18. Is the debtor owed any outstanding accounts receivable? From whom? Are they
collectible?
19. Is there any inventory, property, or equipment remaining?
****************************
My Note: Sounds like Ch 13 is almost the same, but I'll look tomorrow to see if their handbook is any different.
APPENDIX A SECTION 341(a) MEETING OF CREDITORS
(Effective July 1, 2002; Updated March 1, 2006)
REQUIRED STATEMENTS/QUESTIONS (*)SAMPLE GENERAL QUESTIONS
(To be asked when deemed appropriate.)In cases where debtors are engaged in business, the following questions should be considered:
1. Who was responsible for maintaining financial records?
2. Which of the following records were maintained?
a. Cash receipts journal
b. Cash disbursements journal
c. General journal
d. Accounts receivable ledger
e. Accounts payable ledger
f. Payroll ledger
g. Fixed asset ledger
h. Inventory ledger
i. General ledger
j. Balance sheet, income statement, and cash flow statements
3. Where are each of the foregoing records now located?
4. Who was responsible for preparing financial statements?
5. How often were financial statements prepared?
6. For what periods are financial statements available?
7. Where are such financial statements now located?
8. Was the business on a calendar year or a fiscal year?
9. Were federal income tax returns filed on a timely basis? When was the last return filed?
10. Do you have copies of the federal income tax returns? Who does have the copies?
11. What outside accountants were employed within the last three years?
12. Do you have copies of the reports of such accountants? Who does have copies?
13. What bank accounts were maintained within the last three years?
14. Where are the bank statements and canceled checks now located?
15. What insurance policies were in effect within the last year? What kind, and why?
16. From whom can copies of such insurance policies be obtained?
17. If the business is incorporated, where are the corporate minutes?
18. Is the debtor owed any outstanding accounts receivable? From whom? Are they
collectible?
19. Is there any inventory, property, or equipment remaining?
****************************
My Note: Sounds like Ch 13 is almost the same, but I'll look tomorrow to see if their handbook is any different.
Bankruptcy Tutor
www.BankruptcyForum.com
Comment