New Chapter 11 Bankruptcy Reporting Requirements
The DOJ has finalized new Chapter 11 MOR and PCR reporting requirements. The MOR and PCR forms will now become consistent across all jurisdictions and the new forms and the electronic submission process must be used effective June 21, 2021.
May 2021 MORs will be allowed to be submitted in the previous manner, but June MORs and the second quarter 2021 PCRs will need to be completed in the new form and reporting environment.
Once this reporting change is fully implemented, the readers of the MORs and PCRs will have consistent information to review and analyze. Parties that use those forms to evaluate a debtor’s performance will find the reporting to be a welcome change.
Software to Open the Forms for Completion
If you are interested in seeing the new forms, you will need Adobe software to open the forms and see how they interact for completion.
First, to open the forms you will need Adobe Acrobat Reader or the paid PRO edition.
Here is a link to the download page if you do not currently have the Adobe program:
This link should take you to a page that allows you to download the free version of the software.
The blue oval in the top box is the free version of the software.
This link to the DOJ website goes to the page that allows downloading the files. There are instructions for the forms as well as the interactive forms themselves.
The forms are interactive in that they are completed in Adobe and saved electronically for submission.
If you view the MOR or PCR form in your download folder you may see a “Please Wait” in the preview section of your screen view. Please right click on the file you want to open and make sure you have selected Adobe Acrobat Reader to open the file. Once you select Adobe Acrobat Reader and open the file you will see the form to be completed.
In summary, for preparers and reviewers of the MORs and PCRs,
The new forms will require learning a new approach to completion of documents, but the approach is consistent across jurisdictions and will make reporting submissions easier for preparers of the required reporting. It will also be easier for the readers of the MORs and PCRs to review reported performance and evaluate the debtor’s performance. Each jurisdiction will no longer have different forms to review and incomplete data will not allow form submission.
Both the preparers and the readers of the reporting will benefit in the long run, but there will be a learning curve as we all become accustomed to the new forms and submission process.