POST-CONFIRMATION REQUIREMENTS IN CHAPTER 11 CASES – Amended [December 1, 2016]
Unless the Court orders otherwise, within fourteen (14) days after the entry of an order confirming a chapter 11 plan, the plan proponent or other responsible person under the plan shall submit to the Court on presentment in accordance with Local Bankruptcy Rule 9074-1 a proposed order that shall contain a timetable with the steps proposed for achieving substantial consummation of the plan and entry of a final decree, including resolution of claims and resolution of avoidance and other bankruptcy court litigation outstanding or contemplated. The law firms or individuals responsible for safeguarding and accounting for the proceeds of all recoveries on behalf of the estate shall be identified.
Unless the Court orders otherwise, the plan proponent or responsible person under the plan shall submit to the Court a report whenever necessary, but no less than every six months after the entry of the order issued in accordance with subdivision (a) of this rule, identifying the actions taken under the order, the location of and steps taken to protect any funds or other property recovered on behalf of the estate, and any necessary revisions to the timetable.
Unless the Court orders otherwise, as a condition to serving as a liquidating trustee or a successor trustee to a post confirmation liquidating, or similar trust, the liquidating plan shall specify what steps the trustee shall take to monitor and ensure the safety of the trusts’ assets.
This rule is derived from former Standing Order M-111. Where the circumstances warrant, the Court has the discretion to alter the time periods prescribed herein. This rule was amended in 2004 to repeal former subdivision (b) and delete paragraph (3) of the former Post-Confirmation Order and Notice form contained in subdivision (c), each of which related to the post-confirmation requirement to pay to the Clerk any special charges that may be assessed by the Court. The Court no longer assesses such charges.
Paragraph (3) of the former Post-Confirmation Order and Notice form contained in subdivision (c) of this rule was amended in 2009 to change the time period from fifteen (15) to fourteen (14) days. The purpose of the amendment was to conform the time period in this rule to the 2009 time-related amendments to the Federal Rules of Bankruptcy Procedure. Throughout the Bankruptcy Rules, as well as the Local Bankruptcy Rules, most time periods that are shorter than thirty (30) days were changed so that the number of days is in multiples of seven (7), thereby reducing the likelihood that time periods will end on a Saturday or Sunday.
This rule was amended in 2013 regarding post-confirmation requirements in chapter 11 cases. The “Post-Confirmation Order and Notice” form was abrogated.
Subsection (c) of this rule was added in 2016 to require the post-confirmation liquidating trustee to disclose the procedures that will be taken to secure the trusts’ assets. Subsection (c) is not meant to expand or limit the scope of a trustee’s fiduciary duties.