Page:United States Statutes at Large Volume 119.djvu/130

 119 STAT. 112

PUBLIC LAW 109–8—APR. 20, 2005

Bankruptcy Procedure, and shall prescribe in accordance with rule 9009 of the Federal Rules of Bankruptcy Procedure official bankruptcy forms, directing small business debtors to file periodic financial and other reports containing information, including information relating to— (1) the debtor’s profitability; (2) the debtor’s cash receipts and disbursements; and (3) whether the debtor is timely filing tax returns and paying taxes and other administrative expenses when due. (b) PURPOSE.—The rules and forms proposed under subsection (a) shall be designed to achieve a practical balance among— (1) the reasonable needs of the bankruptcy court, the United States trustee, creditors, and other parties in interest for reasonably complete information; (2) a small business debtor’s interest that required reports be easy and inexpensive to complete; and (3) the interest of all parties that the required reports help such debtor to understand such debtor’s financial condition and plan the such debtor’s future. SEC. 436. DUTIES IN SMALL BUSINESS CASES.

(a) DUTIES IN CHAPTER 11 CASES.—Subchapter I of chapter 11 of title 11, United States Code, as amended by section 321, is amended by adding at the end the following:

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‘‘§ 1116. Duties of trustee or debtor in possession in small business cases ‘‘In a small business case, a trustee or the debtor in possession, in addition to the duties provided in this title and as otherwise required by law, shall— ‘‘(1) append to the voluntary petition or, in an involuntary case, file not later than 7 days after the date of the order for relief— ‘‘(A) its most recent balance sheet, statement of operations, cash-flow statement, and Federal income tax return; or ‘‘(B) a statement made under penalty of perjury that no balance sheet, statement of operations, or cash-flow statement has been prepared and no Federal tax return has been filed; ‘‘(2) attend, through its senior management personnel and counsel, meetings scheduled by the court or the United States trustee, including initial debtor interviews, scheduling conferences, and meetings of creditors convened under section 341 unless the court, after notice and a hearing, waives that requirement upon a finding of extraordinary and compelling circumstances; ‘‘(3) timely file all schedules and statements of financial affairs, unless the court, after notice and a hearing, grants an extension, which shall not extend such time period to a date later than 30 days after the date of the order for relief, absent extraordinary and compelling circumstances; ‘‘(4) file all postpetition financial and other reports required by the Federal Rules of Bankruptcy Procedure or by local rule of the district court; ‘‘(5) subject to section 363(c)(2), maintain insurance customary and appropriate to the industry;

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