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. Please visit the insideARM bookstore for information on subscribing to the Bulletin.
Where previously bankrupt firms were filing payment advices and judges were not as concerned that the advices were filed within the necessary time period, increasingly, the U.S. Bankruptcy Courts are forcing debtors, and their attorneys, to adhere to section 521(I)(2) of the U.S. Bankruptcy Code as it relates to the timely filing of these payment advices. In one case, a debtor’s attorney, claiming he had delivered payment advices late to the U.S. trustee as well as a Chapter 7 trustee because he was experiencing computer problems, nevertheless, saw the court hold that the statute was clear and would not allow the late filing.
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