Page 82 - Bankruptcy Volume 1

 Copies of all written policies given to customers regarding the sale of personally identifiable in-
formation

 Schedule of physical inventory

— Due within 30 days of filing, if requested by the U.S. Trustee

— Must reflect inventory levels as of the petition date

— Must be itemized and indicate cost values

— "Inventory" = all goods in possession of the debtor intended for sale to customers (in-
cludes finished and unfinished goods, excludes fixed assets owned by debtor)

 Rental property record — In case the debtor owns any commercial or residential rental proper-
ties, debtor must provide a rent roll to the U.S. Trustee within 15 days after petition date with the
following information:

— Description of each property owned

— Rental price of each unit

— Security or other deposits held

— Occupancy and payment status of each unit

— Name, address, and phone number of management company, if any

— Monthly management fee

 Proof of applicable insurance policies

In addition to the initial meeting, the debtor, along with counsel, will also meet with the U.S. Trustee at
the meeting of the creditors (the "341 meeting"), which is held at the office of the U.S. Trustee. This
meeting is noticed to all creditors and generally occurs between 20 and 40 days after the petition date.
An authorized representative of the debtor will be required to attend the 341 meeting in person. A meet-
ing of equity security holders may also occur, but is at the discretion of the U.S. Trustee in situations
where applicable.

At the 341 meeting, the debtor’s representative will be placed under oath and subjected to questions
from the U.S. Trustee, as well as other appropriate creditors and parties in interest. It is generally prefer-
able to have the SOFA and the Schedules of Assets and Liabilities (the schedules) filed prior to the 341
meeting, allowing the Trustee to complete all necessary questions. An additional meeting may be re-
quired if the SOFA and schedules are incomplete at the time of the 341 meeting. In nearly all cases, the
debtor’s representative will be represented by counsel at the 341 meeting.

Throughout the life of the case, the debtor is also required to prepare and file monthly operating state-
ments (MOR) with the bankruptcy court. The MOR is designed to provide interested parties (including
the U.S. Trustee) periodic insight into certain aspects of the debtor’s fiscal condition and recent transac-
tions. The MOR requirements are more fully described here but generally include monthly financial
statements, disbursement details, account reconciliations, and a debtor questionnaire.

80 © 2020 Association of International Certified Professional Accountants