U.S. Bankruptcy Court District of Puerto Rico

LOCAL RULES (2003, 2014, 2015)

RULE 2003: MEETING OF CREDITORS

(A) Trustee's Certificate:

The U.S. Trustee or the trustee shall file with the Court a certification as to whether the debtor appeared at the meeting of creditors, if the meeting was concluded and if the schedules and statements have been filed.

(B) Failure to Appear:

Dismissal: Upon certification by the United States Trustee or the trustee that debtor did not appear at the meeting of creditors, the Court may enter an order dismissing the case unless a hearing is requested by a party in interest within 10 days from the date of the Sec. 341 meeting of creditors.

(C) Notice of Possible Dismissal:

The clerk shall give notice of this rule to debtors' counsel who file petitions without filing all required lists, schedules and statements at the time the petition is filed. The Clerk shall also give notice of this rule in the meeting of creditors notice.

RULE 2014: EMPLOYMENT OF PROFESSIONAL PERSONS

(a) Verified Statement of Proposed Professional Person to be Employed

A verified statement of the professional person shall be attached to the motion requesting employment of a professional person and shall be an integral part thereof. The affidavit shall state:

All of the professional person's connections or any party in interest, their respective attorneys and accountants within one (1) year preceding the filing of the Petition;

that the professional person is a "disinterested person" within the meaning of Section 101 (13) and 327 of the Bankruptcy Code.

RULE 2015: DUTY OF TRUSTEE, DEBTOR OR DEBTOR IN POSSESSION TO MAKE REPORTS

(a) Inventory of the Assets of a Debtor's Estate

A trustee or debtor in possession shall in Chapters 7 and 11 cases file a complete inventory of the property of the debtor within thirty (30) days after qualifying as a trustee or debtor in possession, unless such an inventory has already been filed.

(b) Monthly Reports

For operating cases, file the reports and summaries required by §704 (B) of the code not later than the twentieth (20^th) day of each month for the preceding month, using Local Form No. 5.

1. Trustees shall file with the Clerk and the U.S. Trustee for every case in which ninety (90) days have passed from the date the petition was filed an interim or quarterly report.

2. The interim or quarterly report shall be filed at least once every three (3) months.

3. The interim or quarterly report shall set forth the following:

A. It shall be limited to what occurred during the preceding three months.

B. A detailed and itemized statement of all the money received, with the dates when the same was received.

C. A detailed and itemized statement of all disbursements made, the date of such disbursement, and the number of the check.

D. The name of the entity in which the money of the estate has been deposited or invested.

E. The balance remaining on hand as of the date of the report, and on the last day of the preceding month; and, if the amount of deposit does not agree with the amount reported on hand, a full statement of the reason for the discrepancy or difference.

F. A complete statement of each and every matter in connection with the estate, including all pending or proposed examinations, investigations, adjustments, settlements, and litigation; why any proposed action has not been taken, when it will be taken and approximately what length of time it will require; and if any action is pending, what has been accomplished, why it is not finished and what further time will be required to complete it.

G. Whether the estate is ready to be closed and if not, on approximately what date it will be ready for final disposition and final report by the trustee.

H. The report shall be accompanied with the originals of all canceled checks listed, the original or a copy of the monthly bank statements for each account, and a copy of each interest bearing account book or certificate in effect as of the date of the report.

I. The reports shall be consecutively numbered using Local Form No. 6.

4. The trustee shall cause to be made and shall file with the Clerk within twenty (20) days of the first date set for the meeting of creditors pursuant to Section 341 of the Bankruptcy Code, a Final Report and Account of Trustee in Case where No Distribution is Made if there are no assets available for distribution or the assets are burdensome or of inconsequential value to the estate.