The items below are excerpted from the Business Bankruptcy News Bulletin. A full issue contains information on dozens of troubled companies, as well as informational and analysis highlights and an examination of business bankruptcy matters. More information on subscribing to the Bulletin at http://usbj.biz/.
Postconfirmation Administration
Notwithstanding the entry of an order confirming the debtor’s reorganization plan, the U.S. Bankruptcy Court has the authority to issue any other order necessary to administer the estate. The court’s authority includes the postconfirmation determination of objections to claims or adversary proceedings, which must be resolved before a plan can be fully consummated. Also, Sections 1106(a)(7) and 1107(a) of the Bankruptcy Code require a debtor in possession or a trustee to report on the progress made in implementing a plan after confirmation. A Chapter 11 trustee or debtor in possession has a number of responsibilities to perform after confirmation, including consummating the plan, reporting on the status of consummation, and applying for a final decree.
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