FO Cragun ignore, that the Bankruptcy Code, Bankruptcy Rules, and case law require transparency from the debtor and other parties in interest
"The Bankruptcy Code, Bankruptcy Rules, and case law require transparency from the debtor and other parties in interest. As such, strict compliance with reporting requirements is a primary responsibility of a debtor in possession (“DIP”).
During the Case Ongoing disclosures after the Petition Date are necessary to enhance transparency of the DIP’s actions and reorganization progress. A DIP that continues to operate during the case must file periodic reports and summaries of its business operations, including statements of receipts and disbursements, balance sheets, cash-flow statements, plus schedules of accounts receivable, tangible assets (like inventory), and post-petition debts.[viii] Additionally, the DIP must report information related to any employee tax withholdings (i.e., the source of the tax withholding [city, state, federal], the withheld amount, and the location of those funds).[ix] The Office of the United States Trustee requires the DIP to file operating reports on a monthly basis through the effective date of a confirmed plan of reorganization or liquidation, or until conversion or dismissal of the bankruptcy case. Additionally, the DIP must file, on or before the last day of the month after each calendar quarter, a report calculating the statutorily-required fee to be paid to the United States Trustee." Source: commercialbankruptcylitigationarticles/chapter-11-debtors-reporting-obligations-2 Less
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