Liberty County Georgia Responsibilities of debtor in possession attorney

Responsibilities of debtor in possession in Liberty County GA

The United States trustee imposes some requirements on the debtor in possession about issues like reporting its monthly income and operating costs, the establishment of new bank accounts, and the payment of current employee withholding and other taxes. Under law, the debtor in possession should pay a quarterly fee to the US trustee for every of a year till a plan is approved or the case is converted or dismissed. The amount of the fee, which may vary from $250 to $5,000, is based on the amount of disbursements during each quarter. If a debtor in possession does not comply with the reporting requirements of the US trustee or orders of the bankruptcy court or fails to take the proper steps to bring the proceeding to confirmation, the US trustee may file a motion with the court to have the debtors chapter 11 case converted to a proceeding under another chapter of the US Bankruptcy Code or to have the case dismissed.

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