What Documents Are Needed for a Chapter 11 Business Bankruptcy in Florida?

Filing for bankruptcy under Chapter 11 is a document-intensive process. Companies contemplating bankruptcy need to gather several forms of documentation to prepare, and, to start the process, they must file a variety of forms and supporting documentation with the bankruptcy court. As a result, careful planning is essential, and company executives should work closely with an experienced Miami bankruptcy litigation attorney to ensure that they are doing everything necessary to ensure that the process is as efficient and low-risk as possible.

While every company’s reasons for pursuing reorganization under Chapter 11 are unique, many aspects of the process are the same regardless of the business reasoning involved. These include the need to collect relevant financial records and the need to ensure an accurate and comprehensive filing. With this in mind, here is an overview of the documents needed to pursue a Chapter 11 business bankruptcy in Florida:

Documents to Be Collected Before Filing for Bankruptcy Under Chapter 11

Collecting relevant financial documents in anticipation of a Chapter 11 filing serves two fundamental and equally important purposes: (i) it allows for informed decision-making, and (ii) it ensures that the company’s legal counsel will have all of the information needed to prepare a compliant filing. While the specific records a company has available will vary case-by-case, some examples of documents that will typically be necessary include:

• Bank account and brokerage account statements
• Cryptocurrency account statements
• Accounts payable (AP) and accounts receivable (AR)
• Income statement (statement of operations or profit and loss (P&L) statement)
• Balance sheet
• Financial statements (including cash flow statement)
• Income tax returns and other state and federal tax filings
• Real estate deeds and loan documents
• Vehicle titles and loan documents
• Real estate and automotive leases
• Vendor contacts
• Commercial loan agreements
• Subscription agreements and other equity financing documentation
• Corporate formation and governance documents

Again, these are just some of the most common examples. When you engage a Miami bankruptcy litigation attorney to assist with your company’s Chapter 11 filing, your company’s attorney will be able to assist with identifying all relevant pre-existing financial documentation. Then, your company’s attorney will be able to review this documentation to assess not only the potential benefits of reorganizing your company’s debts under Chapter 11, but also the viability of potential bankruptcy alternatives.

Documents to Be Filed with the Bankruptcy Court

Once the decision is made to move forward with pursuing reorganization under Chapter 11, the next step is to begin the process of preparing all of the documents that will need to be filed with the bankruptcy court. While the specific filing requirements can vary under Subchapter V and certain other provisions of the U.S. Bankruptcy Code, initiating a Chapter 11 proceeding generally requires:

• Voluntary Bankruptcy Petition (Form 201) – The voluntary bankruptcy petition is the primary form required to initiate a Chapter 11 filing, and it represents the company’s formal request for relief under Chapter 11 of the U.S. Bankruptcy Code.
• List of Creditors (or Creditor Matrix) – Companies seeking relief under Chapter 11 must file a list of creditors (also known as a creditor matrix) with their voluntary bankruptcy petition. This list must include the names and addresses of all of the company’s creditors, and it must be formatted in accordance with the relevant bankruptcy court’s requirements.
• List of 20 Largest Unsecured Claims (Form 204) – Separate from their creditor matrix, companies seeking relief under Chapter 11 must also file a list of their creditors with the 20 largest unsecured claims. This does not include company insiders (i.e., owners and executives).
• Attachment to Voluntary Petition (Form 201A) – Companies that are required to file periodic reports with the U.S. Securities and Exchange Commission (SEC) must also submit an Attachment to Voluntary Petition for Non-Individuals filing for Bankruptcy Under Chapter 11 (Form 201A) at the time of their initial filing.

Along with these mandatory forms, companies seeking to reorganize their debts under Chapter 11 must file the following documents as well. However, these can either be filed with the company’s voluntary bankruptcy petition or within 14 days of the company’s initial filing:

• Schedule A/B: Real and Personal Property (Form 206A/B) – This is a list of the company’s real and personal property, which may or may not be used to satisfy (or discharge) some of the company’s debts during the bankruptcy process.
• Schedule D: Creditors Who Have Claims Secured by Property (Form 206D) – This should be a subset of the creditors included in the company’s creditor matrix.
• Schedule E/F: Creditors Who Have Unsecured Claims (Form 206E/F) – This should also be a subset of the creditors included in the company’s creditor matrix, including those listed on Form 204.
• Schedule G: Executory Contracts and Unexpired Leases (Form 206G) – Similar to unexpired leases, executory contracts are those under which the company has continuing rights and/or obligations.
• Schedule H: Codebtors (Form 206H) – If the company is jointly liable for any debts with any other parties, it must list these codebtors on Form 206H.
• Summary of Assets and Liabilities for Non-Individuals (Form 206Sum) – As its name suggests, this mandatory schedule provides a summary of the company’s current assets and outstanding liabilities.

Even this is just the start. Companies seeking relief under Chapter 11 will need to submit various other documents and forms at varying stages of the process as well. For example, one key document not discussed above is the company’s proposed reorganization plan. Submitting a proposed reorganization plan is a critical step, and ensuring that the company’s proposed plan is both viable and appropriate under the circumstances at hand is essential for maximizing the benefits of the business bankruptcy process.

Learn More from a Miami Bankruptcy Litigation Attorney at Edelboim Lieberman

If you would like to know more about the process of pursuing a business bankruptcy under Chapter 11 in Florida, we invite you to get in touch. To arrange a free initial consultation with a Miami bankruptcy litigation attorney at Edelboim Lieberman, please call 305-768-9909 or request an appointment online today.