Page 43 - Bankruptcy Volume 1

SOFA Question 32 — Pension Funds

Although not technically responsive, many debtors list all retirement plans, including 401k plans, out of
an abundance of caution. All pensions, specifically those covered by the Pension Benefit Guarantee
Corporation, must be listed.

Schedules of Assets and Liabilities

The schedule forms (Form 201) require that the debtor provide, by legal entity and as of the petition
date, certain information regarding its assets (Schedules A and B), liabilities (Schedules D, E, and F),
contracts (Schedule G), and co-debtors (Schedule H). The following is a brief overview of the schedules,
with specified sections explored in depth in the following pages: fn 1

 Schedule A/B — Real and Personal Property

 Schedule D — Creditors Holding Secured Claims

 Schedule E — Creditors Holding Unsecured Priority Claims

 Schedule F — Creditors Holding Unsecured Nonpriority Claims

 Schedule G — Executory Contracts and Unexpired Leases

 Schedule H — Co-debtors

Each set of schedules will be prefaced by a Summary of Schedules (summary) page. The summary pro-
vides the page count, total assets, and total liabilities for that particular debtor. Additionally, the sum-
mary will indicate the bankruptcy court, case number, and bankruptcy chapter filed under, for example,
Chapter 11. "Statistical Summary of Certain Liabilities and Related Data" is an additional form that fol-
lows the summary, but is indicated for individual debtors only and will not be covered in these materi-
als.

Asset Schedules

Schedule A/B

Schedule A/B is a listing of owned real and personal property of the debtor including land, buildings,
and land improvements. Real property is detailed at questions 54–58. The land parcel detail or street ad-
dress can be used to describe the property. The property values listed should tie or at least bridge to the
company’s financial statements. For purposes of values listed, it is often the case that time and expense
considerations suggest that book value, as opposed to valuations from recent market valuations, be
listed. To the extent that a valuation methodology other than that required in the directions to the sched-
ule is employed, such methodology should be explained to the reader in a conspicuous note to the
schedules.

fn 1 Schedules C, I, and J are related to individual debtors and will not be explored further in this document. More information regard-
ing these and all schedules and statements can be found at www.uscourts.gov/federalcourts/bankruptcy.aspx.

© 2020 Association of International Certified Professional Accountants 41