Schedules and Statements Expertise

Expertise: Schedules and Statements Overview

As part of filing for bankruptcy protection, debtor companies must prepare and file documents which represent their financial position at the time of filing for chapter 11 protection.  Each debtor company must file:

Creditors and their case professionals will review and analyze the filed schedules and statements for issues that affect specific claims.  Debtors and their case professionals must respond to case creditor issues regarding the schedules and statements.  Therefore, it is critical that the data contained in the schedules and statements be consistent and comprehensive for re-use and comparison against filed claims.

Attached is an informative article regarding the preparation of schedules and statements:  Schedules and Statements Preparation

The schedules and statements can have implications for:

  1. Cross-checking against conflicts disclosure for 327 professionals and OCPs 
  2. Disclosure of company operations and potential proprietary information to competitors
  3. Reliance upon by creditors in deciding whether or not to file a claim
  4. Reliance upon in chapter 11 litigation including adversary actions, contested confirmation hearings, and relief from stay motions 
  5. Representing a debtor company's position in a dispute with a creditor
  6. Review by the U.S. Trustee
  7. Use for preference action litigation and ordinary course defense
  8. Use  for diligence for asset sale or asset abandonment
  9. Use for contract assumption, rejection, or dispute issues
  10. Use for setoff rights disputes

Preparation of the schedules and statements requires significant chapter 11 experience, knowledge, project management skills and technology to prepare comprehensive drafts and final documents for court filing and future reference. 

For schedules and statements preparation, use of the Phase Eleven team and technology will provide cost effective one-time input and data recycling solutions, which can save the company money and resources in preparation time. 

Phase Eleven's schedules and statements preparation team will provide unparalleled value and comprehensive service during the preparation and filing of schedules and statements. The team will use methods which simultaneously educate and inform, while seeking diligence from company employees and management for specific schedules and statements.  Methods such as our law firm-developed aggressive project management approach seek the highest quality standards for content balanced with on-time deliverable goals.  

Expertise: Tested and Trusted Schedules and Statements Experience

In over fifty chapter 11 cases, the founder of Phase Eleven worked on the preparation, review, revision and filing of schedules of assets and liabilities and statements of financial affairs and subsequent amendments. 

The founder of Phase Eleven met with case professionals, company executives, and third parties, reviewed and revised schedules and statements, prepared case precedent, finalized and filed schedules and statements, and prepared filed materials for 341 meetings

The founder's schedule and statement work included:

  • Assisting company in understanding and fulfilling the schedule and statement requirements
  • Working with debtors counsel on the preparation of global notes
  • Reviewing schedules and statements for proprietary information
  • Coordinating with financial advisors on the content of asset and liability diligence
  • Working with third party agents in the preparation of schedule and statement amendments

The same administrative expertise provided at top tier law firm bankruptcy practices is now available from Phase Eleven for all case professionals and debtor companies in need of chapter 11 excellence. 

The sum of this work experience led to the development of schedules and statements preparation and execution knowledge, skills, and abilities, methods, standards and tools  to organize, proactively prepare for, and reactively respond to schedules and statements challenges.  Experience-based schedules and statements efforts such as:

  • Knowledge of content and workings of schedules of assets and liabilities and statements of financial affairs
  • Skills to review, analyze, interpret and record pleading diligence materials and communications for schedules and statements entries
  • Schedules and statement concepts, details, strategies and tactics
  • Standards for organization and preparation of schedules and statement diligence
  • Methods to train case professionals in techniques of schedules and statements, amendments preparation, and organization and filing
  • Technological database tools which provide comprehensive schedules and statements filings.

At Phase Eleven, we know and understand schedules and statements issues because we have experience with the contents, purpose and methods for schedules and statements preparation and filing in a time sensitive manner.

We developed a substantial part of our Microsoft SQL Server database to provide detailed organization, preparation and filing of schedules and statements to alleviate the administrative preparation burden placed on case professionals.

Expertise: Schedules and Statements Services

Phase Eleven provides comprehensive solutions for the preparation, filing, posting and re-use of schedules and statements. 

We will provide detailed communication, preparation, review, revision, reporting and filing of schedules of assets and liabilities and statements of financial affairs for each legal entity under chapter 11 protection to alleviate the administrative burden placed on case professionals.

As an example, the preparation of assets Schedule B (personal property assets) currently contains over thirty questions, many of which may be applicable to each debtor company.  Our schedules preparation team will:

  • Provide a pre-planned, common sense approach to collection and assembly of different aspects of Schedule B to company management and employees. 
  • Provide iterative drafts and secure, online access to case professionals and company management for review and comment. 
  • Recycle and cross-match existing information in certain sections for use in other sections, providing cost and time savings to the company and case professionals. 
  • Review and analyze disclosure schedules from similar chapter 11 companies, to determine appropriate public disclosure, careful to balance it against the proprietary nature of the data.
  • Leverage the awesome organizational power of our Microsoft SQL Server enabled Relational Restructuring database to prepare and provide accurate, comprehensive, and timely schedules and statements drafts and supporting information for long-term cost savings to the debtor company for use in the claims, solicitation, and disbursement processes. 

Regardless of whether the debt is a contract, employee benefit, judgment, or trade obligation, we have the expertise to understand the content, purpose and procedures for preparing and filing accurate and comprehensive schedules and statements. 

Our team will work to assist the company at every possible point to put together the appropriate information, cognizant of the company employees' time and resource constraints. 

Request a presentation of our comprehensive chapter 11 case solutions to conquer your chapter 11 challenges.