In the Optim Energy, LLC bankruptcy proceeding, the 341 Meeting of Creditors has been scheduled for March 18, 2014. The Section 341 Meeting will be held at the J. Caleb Boggs Federal Building, 844 King Street, Room 5209, Wilmington, DE 19801, at 1:00 p.m. Click here for a copy of this notice.
One way in which creditors can assert their interests is to attend the Section 341 Meeting of Creditors, in order to depose the debtor’s representative regarding the assets and liabilities of the bankruptcy estate. Creditors may retain counsel to conduct such an examination of the debtor’s representative. The Section 341 meeting of creditors is an integral component of a bankruptcy proceeding. Creditors often want to know what information is made available, and what procedures are followed, during a typical meeting of creditors.
General topics that are discussed during a Section 341 meeting can include, among other things, the following:
- The nature of scope of a debtor’s assets and liabilities;
- The amount of accounts receivable and accounts payable;
- To what extent the debtor is able to repay its creditors;
- Whether insurance remains active;
- The condition and location of goods received in the 20 days before a debtor filed bankruptcy (which impacts Section 503(b)(9) claims);
- The condition and location of goods received in the 45 days before a debtor filed for bankruptcy (which can impact Section 546(c) reclamation claims);
- The debtor’s or trustee’s plan to reorganize its debt or liquidate its assets;
- The debtor’s plan after it emerges from bankruptcy (not applicable to a Chapter 7 debtor);
- Whether the debtor experienced any changes in revenue since filing for bankruptcy; and
- Potential avoidance actions to be commenced by the debtor or trustee.
Carl D. Neff is a bankruptcy attorney with the law firm of Fox Rothschild LLP. Carl is admitted in Delaware and regularly practices before the United States Bankruptcy Court for the District of Delaware. You can reach Carl at (302) 622-4272 or at firstname.lastname@example.org.