Page:United States Statutes at Large Volume 119.djvu/129

 PUBLIC LAW 109–8—APR. 20, 2005

119 STAT. 111

prescribe in accordance with rule 9009 of the Federal Rules of Bankruptcy Procedure official standard form disclosure statements and plans of reorganization for small business debtors (as defined in section 101 of title 11, United States Code, as amended by this Act), designed to achieve a practical balance between— (1) the reasonable needs of the courts, the United States trustee, creditors, and other parties in interest for reasonably complete information; and (2) economy and simplicity for debtors. SEC. 434. UNIFORM NATIONAL REPORTING REQUIREMENTS.

(a) REPORTING REQUIRED.— (1) IN GENERAL.—Chapter 3 of title 11, United States Code, is amended by inserting after section 307 the following: ‘‘§ 308. Debtor reporting requirements ‘‘(a) For purposes of this section, the term ‘profitability’ means, with respect to a debtor, the amount of money that the debtor has earned or lost during current and recent fiscal periods. ‘‘(b) A small business debtor shall file periodic financial and other reports containing information including— ‘‘(1) the debtor’s profitability; ‘‘(2) reasonable approximations of the debtor’s projected cash receipts and cash disbursements over a reasonable period; ‘‘(3) comparisons of actual cash receipts and disbursements with projections in prior reports; ‘‘(4)(A) whether the debtor is— ‘‘(i) in compliance in all material respects with postpetition requirements imposed by this title and the Federal Rules of Bankruptcy Procedure; and ‘‘(ii) timely filing tax returns and other required government filings and paying taxes and other administrative expenses when due; ‘‘(B) if the debtor is not in compliance with the requirements referred to in subparagraph (A)(i) or filing tax returns and other required government filings and making the payments referred to in subparagraph (A)(ii), what the failures are and how, at what cost, and when the debtor intends to remedy such failures; and ‘‘(C) such other matters as are in the best interests of the debtor and creditors, and in the public interest in fair and efficient procedures under chapter 11 of this title.’’. (2) CLERICAL AMENDMENT.—The table of sections for chapter 3 of title 11, United States Code, is amended by inserting after the item relating to section 307 the following: ‘‘308. Debtor reporting requirements.’’. (b) EFFECTIVE DATE.—The

amendments made by subsection (a) shall take effect 60 days after the date on which rules are prescribed under section 2075 of title 28, United States Code, to establish forms to be used to comply with section 308 of title 11, United States Code, as added by subsection (a).

11 USC 308 note.

SEC. 435. UNIFORM REPORTING RULES AND FORMS FOR SMALL BUSINESS CASES.

28 USC 2073 note.

(a) PROPOSAL OF RULES AND FORMS.—The Judicial Conference of the United States shall propose in accordance with section 2073 of title 28 of the United States Code amended Federal Rules of

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