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 which 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.

The schedules and statements have important implications which include, but are not limited to:

  1. Cross-checked 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. Represent a debtor company's position in a dispute with a creditor
  6. Reviewed by the U.S. Trustee
  7. Used for preference action litigation and ordinary course defense
  8. Used for diligence for asset sale or asset abandonment
  9. Used for contract assumption, rejection or dispute issues
  10. Used 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. 

Our administrative schedules and statements team will provide exacting processes, knowledgeable and skilled assistance, targeted information and rapid courteous responses to deliver outstanding schedules and statements results for your next chapter 11 case.

Schedules and Statements Results

We drive schedules and statements results for case professionals, debtor companies and creditors based on our founder's eleven years of chapter 11 case expertise.  We have tremendous experience with the contents, purpose and procedures for all 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.

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

Our schedules and statements preparation results will allow case professionals and the company to see the entire picture and be prepared to respond with precision to resolve issues and receive the requested relief. 

Using Schedule E (unsecured priority claims) as an example of our commitment to case preparation results, we will achieve:

Preparation results:

  • Provide pertinent Schedule E case precedent relevant to the applicable company and industry
  • Provide database encoding Schedule E subclasses
  • Prepare custom Schedule E liabilities templates
  • Prepare database cross-match with financial affairs
  • Prepare Schedule E explanation and timing templates for case professionals and debtor company
  • Prepare webpage for online review and revision of draft schedules and statements
  • Import A/P and lien searches for 1st draft schedule E summaries
  • Finalize meeting materials preparation and reporting structures for Schedule E completion

Process results:

  • Attend briefing meetings with company, including Schedule E responsible parties
  • Attend breakout meetings with responsible parties for wages, benefits and taxes
  • Assemble and prepare diligence materials for Schedule E
  • Assemble and prepare draft Schedule E for initial company review and comment
  • Associate Schedule E creditor records with supporting documentation
    and statements of financial affairs for cross-match
  • Provide status updates regarding preparation progress
  • Post draft Schedule E to website and provide email and paper copies to case professionals and debtor company
  • Merge Schedule E with schedule of assets and liabilities
  • Respond to debtor company inquiries and provide information
  • Coordinate finalization and filing of Schedule E with each completed schedule
    of assets and liabilities
  • Provide multi-format schedules and statements to company and creditors
  • Post final filed schedules and statements to website for creditor review
  • Prepare database for amended schedules and statements and claims noticing

End results

  • Thorough and complete historical creditor record for claims, noticing and disbursement reporting, classification and resolution
  • Ensure professionals are prepared for 341 meeting of all creditors with debtor
    company officials
  • Ensure professionals prepared for creditor questions regarding claims and background of filing
  • Provide backup materials for claims, noticing and disbursement reconciliation and settlement 
  • Offer instant online accessibility and searchability of schedules and statements
  • Deliver rapid, courteous response to case assignments
  • Deliver accurate information established from Relational Restructuring Database
  • Provide assurance of quality work balancing content with confidentiality
  • Provide continuous status updates during preparation and processing periods for schedules and statements preparation

At Phase Eleven, it is our promise to conquer your chapter 11 schedules and statements challenges and deliver the most outstanding schedules and statements preparation results during the course of a case.

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