Page 85 - Bankruptcy Volume 1

 Cumulative payments made pursuant to the plan

 Expected payments to be made pursuant to the plan following the reporting period

 Bank reconciliation

 Questionnaire regarding the current status of the case, compliance with the plan, and items re-
maining to be administered under the plan

 Any attachments necessary to support or expand upon the data provided here

 PCORs are required to be filed until the court enters a final decree, the case is dismissed or the
case is converted to another chapter in bankruptcy. The debtor is also required to pay quarterly
fees subject to the same payment guidelines described here related to MOR filings.

Periodic Reporting Regarding Value, Operations, and Profitability of Entities in Which
the Estate of the [Debtor] Holds a Substantial or Controlling Interest (Form 26)

In addition to completing MOR and PCOR, those debtors holding a substantial or controlling interest in
nonfiling entities must also complete Form 26 for such nonfiling entities, per paragraph 3 of Bankruptcy
Rule 2015, Duty to Keep Records, Make Reports, and Give Notice of Case or Change of Status. An enti-
ty in which the debtor controls or owns at least a 20% interest is presumed to be under the debtor’s con-
trol and subject to said rule requirements. Other entities not fitting the presumption are to be determined
on a case-by-case basis.

The initial Form 26 report must be completed no later than 7 days prior to the 341 meeting. Subsequent
reports are required, at a minimum, every 6 months until a plan of reorganization is effective, or the
debtor’s case is dismissed or converted. The rule also imposes on the debtor the obligation to, no later
than 14 days prior to the initial Form 26 filing, notify all entities that will appear on the Form 26 filing
of the debtor’s reporting obligations. This requirement is intended to allow such entities appropriate time
to protect their interests in the event there is a need to do so. As with the other reporting obligations, the
frequency and format of the filing can be modified where appropriate to the facts and circumstances of a
particular case.

References to aid in the preparation of Form 26 can be found on the following website under Part 1,
B26: www.uscourts.gov/formsandfees/forms/bankruptcyforms.aspx

Form 26 consists of the following required exhibits:

 Exhibit A — Valuation Estimate

— Entity’s value and debtor’s interest in entity

— Valuation must be no more than two years old

 Exhibit B — Financial Statements

— B-1 — Balance Sheet. Most recent six-month period for current fiscal year and ending
balance sheet of previous fiscal year

© 2020 Association of International Certified Professional Accountants 83