New Amendments to Federal Rules of Bankruptcy Procedure
The Federal Rules of Bankruptcy Procedure will undergo changes effective December 1, 2003, absent congressional action to the contrary. These changes will affect Rules 1005, 1007, 2002, 2003, 2009, and 2016 and will create a new Rule 7007.1. The following is a brief summary of the significant changes.
Rule 1005. Caption of Petition. This rule is amended to require the debtor to
list all names used in the six years preceding the filing of the petition, and to include on the caption appropriate numerical identifiers, but using only the last four digits of the social security number.
Rule 1007. Lists, Schedules, and Statements; Time Limits. Subdivision (a) is amended to require the debtor to file a corporate ownership statement setting out the information described in Rule 7007.1. Requiring debtors to file the statement provides the court with an opportunity to make judicial disqualification determinations at the outset of the case. The debtor also must file supplemental statements as changes in ownership might arise. Subdivision (f) is added to require the debtor to submit a verified statement of his or her full social security number.
Rule 2002. Notices to Creditors, Equity Security Holders, United States, and United States Trustee. Subdivision (a)(1) is amended to require the clerk or other person giving notice of the § 341 or § 1104(b) meeting of creditors to include the debtor's full social security number on the notice.
Rule 2003. Meeting of Creditors or Equity Security Holders. Subdivision (b) is amended to reflect the enactment of subchapter V of chapter 7 of the Code governing multilateral clearing organization liquidations. Section 782 of the Code provides that the designation of a trustee or alternative trustee for the case is made by the Federal Reserve Board. Therefore, the meeting of creditors in those cases cannot include the election of a trustee.
Rule 2009. Trustees for Estates When Joint Administration Ordered The rule is amended to reflect the enactment of subchapter V of chapter 7 of the Code governing multilateral clearing organization liquidations.
Rule 2016. Compensation for Services Rendered and Reimbursement of Expenses .This rule is amended by adding subdivision (c) to implement § 110(h)(1) of the Code requiring disclosure of fee paid or promised to a bankruptcy petition preparer.
Rule 7007.1. Corporate Ownership Statement. This new rule directs nongovernmental corporate parties to file a statement listing those corporations that hold significant ownership interests in them.
See our web site www.legalpub.com for the full text of all the changes.
The 2004 edition of the Bankruptcy Code and Rules BookletT will be available for shipment in late December, just weeks after these new changes take effect. The Booklet will contain the complete United States Bankruptcy Code (U.S. Code, Title 11) and Federal Rules of Bankruptcy Procedure (including Federal Rules of Civil Procedure referenced therein), as amended through December 1, 2003, plus select provisions relating to bankruptcy in Titles 18 and 28.
The Booklet is less than half the price of other publications and by far the earliest available with the updated integrated rules.
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