Notice to the Bar and Public Concerning 11 U.S.C. § 1111(b) Election Deadline in Subchapter V Cases
UNITED STATES BANKRUPTCY COURT DISTRICT OF NEW JERSEY
NOTICE TO THE BAR AND PUBLIC CONCERNING 11 U.S.C. § 1111(b) ELECTION DEADLINE IN SUBCHAPTER V CASES
Federal Rule of Bankruptcy Procedure 3014 specifies when secured creditors may elect the application of 11 U.S.C. § 1111(b)(2) of the Bankruptcy Code in a chapter 9 or 11 case and, with respect to cases filed under subchapter V of chapter 11, states that “the election may be made not later than a date the court may fix.”
In accordance with FRBP 3014, please be advised that the Court will direct creditors seeking a § 1111(b)(2) election to make such election no later than 60 days from the petition date, unless extended by further order of the Court.
The Court’s Notice of Status Hearing has been modified to track the above language and will now be designated as Notice of Status Hearing and § 1111(b) Election Deadline, which the debtor must serve on all creditors and parties in interest.
Additionally, mandatory local form Subchapter V Status Report now includes a section requiring a debtor to confirm whether the Notice of Status Hearing and § 1111(b) Election Deadline has been properly served.
Dated: February 6, 2023 Jeanne A. Naughton, Clerk