Statement of Corporate Ownership

12/13/2016

 

Fed. R. Bankr. P. 1007

Fed. R. Bankr. P. 7007

 

The corporate ownership statement directs non-governmental corporate parties to list those corporations that hold significant ownership interests in them (i.e. the "corporate parent") or state that there are no entities to report.

This includes listing membership interests in limited liability companies and similar entities that fall under the definition of a corporation in 11 U.S.C. Code §101.

 

Under Rule 1007(a)(1) If the debtor is a corporation, other than a governmental unit, the debtor must file with the petition a corporate ownership statement containing the information described in Rule 7007.1.

The debtor must file a supplemental statement promptly upon any change in circumstances that renders the corporate ownership statement inaccurate.

 

Under Rule 7007.1(a) Any corporation that is a party to an adversary proceeding, other than the debtor or a governmental unit, must file a copy of a statement that identifies any corporation, other than a governmental unit, that directly or indirectly owns 10% or more of any class of the corporation's equity interests, or states that there are no entities to report under this subdivision.

 

Under Rule 7007.1(b)  A party must file the statement required with its first appearance, pleading, motion, response, or other request addressed to the court.

A party must file a supplemental statement upon any change in circumstances that the rule requires the party to identify or disclose.

 

 

Docket Events:

[Bankruptcy> Other> Statement of Corporate Ownership]

[Adversary> Other> Statement of Corporate Ownership]

 

The ECF filer inputs the related corporate entities during the filing process.
 


Case Administrator Process


The CM/ECF system checks judge conflicts using the information provided on the corporate ownership statement ("Statement").

It is the Clerk's responsibility to ensure the Statement is filed.


Case Administrator uses the below utility function to verify corporate entities added to a case.

[Query> Corporate Parents/Affiliates]


Case Administrator uses the below functions to add, edit, or remove corporate parties in a case.

[Utilities > Edit Data > Edit Case Participants > Add Corporate Parent/Affiliate]
[Utilities > Edit Data > Edit Case Participants > Modify Corporate Parent/Affiliate]
[Utilities > Edit Data > Edit Case Participants > Delete Corporate Parent/Affiliate]


If no statement filed issue a 2 day deficiency notice (see below events).  Notify operation manager of non-compliance.  The operation manager will discuss non compliance with chambers.

Docket Events:
[Bankruptcy > Court Events > Notice to File Corporate Ownership Statement] - Form dn019
[Adversary > Court Events > Notice to File Corporate Ownership Statement] - Form dna01


Note: Quality control CA should issue the deficiency notice


 

 


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U.S. Bankruptcy Court    Southern District of Mississippi