POSTCONFIRMATION REQUIREMENTS IN A SUBCHAPTER V

CASE (a) (b) Applicability. This LBR only applies to cases proceeding under subchapter V of chapter 11 of the Bankruptcy Code. Consensual Plan. Upon confirmation of a consensual plan, unless the confirmation order provides otherwise, the following rules and procedures apply: (1) (2) (3) (4) Postconfirmation Reporting.

Upon confirmation of a consensual plan, the debtor must file and serve postconfirmation quarterly reports in accordance with LBR 3020-1(b) and (c). If the debtor is removed as debtor in possession, the subchapter V trustee in possession must file and serve postconfirmation quarterly reports, unless the Court orders otherwise. Substantial Consummation Report. Not later than 14 days after the date of the entry of the order confirming the plan, the debtor must file a report stating whether the plan has been substantially consummated and, if not, providing a projected date when substantial consummation is expected to occur and the steps necessary for substantial consummation to occur.

Extensions of Projected Date of Substantial Consummation. If the projected date for substantial consummation must be extended, the debtor must file a supplemental report specifying the new projected date, the progress made toward consummation of the plan, the steps necessary for substantial consummation to occur, and the reasons for the delay. The supplemental report must be filed and served as soon as possible, but at least not later than 14 days after the previously projected date of substantial consummation. Notice of Substantial Consummation.

Not later than 14 days after the debtor’s consensual plan has been substantially consummated, the debtor must file a notice of substantial consummation and serve this notice on the subchapter V trustee, the United States trustee, and the 20 largest unsecured creditors. 68 LBR 3022-2 (5) Termination of the Subchapter V Trustee’s Services. Upon substantial consummation of a consensual plan, the subchapter V trustee’s services will terminate automatically, unless otherwise provided in the plan or ordered by the Court. (c) Nonconsensual Plan .

Upon confirmation of a nonconsensual plan, unless the confirmation order provides otherwise, the following rules and procedures apply: (1) (2) Distributions. The subchapter V trustee must collect plan payments and make distributions to creditors, unless otherwise provided for in the plan or confirmation order. Postconfirmation Reporting. Upon confirmation of a nonconsensual plan, the subchapter V trustee must file and serve postconfirmation quarterly reports in accordance with LBR 3020-1(b) and (c).