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Jan 5
Bankruptcy Rules for 2008
The following is not meant to be legal advice.

 

 

On December 1, 2007, amendments to the Federal Rules of Bankruptcy Procedure took place.  One change is to Rule 3007.  The amendment to Rule 3007 generally prohibits omnibus objections except where all the claims were filed by the same entity or the objection concerns duplicate claims filed; claims filed in the wrong case; claims amended by subsequently filed proofs of claim; among other reasons. 

 

The amended rule also requires claimants be listed alphabetically in omnibus objections.  Also, a debtor will have to file individual objections for each claim if the claim amount is inconsistent with the amount shown on its books and records.  The amendment should result in a more claims reconciliation and lessen the diligence responsibilities of creditors.

 

 


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