---
title: 德汇美国破产法问答 （系列之三）
description: This Series Three will address questions relating to the early stages of the bankruptcy process, including what disclosures debtors must make, what relief debtors will generally seek at the outset of
---

[美国中国总商会新闻 ](https://www.cgccusa.org/zh/news)

# [德汇美国破产法问答 （系列之三）](https://www.cgccusa.org/zh/news/德汇美国破产法问答-系列之三)

 Written by [CGCC](https://www.cgccusa.org/zh/news/author/cgcc) | 十月 30, 2020

来源：[Dorsey & Whitney （](https://www.dorsey.com/newsresources/publications/client-alerts/2020/10/us-bankruptcy-law-qa-series-three)德汇律师事务所）

 作者：德汇律师事务所 破产法团队

 2020年10月

This Series Three will address questions  
 relating to the early stages of the bankruptcy process, including what  
 disclosures debtors must make, what relief debtors will generally seek at the  
 outset of the case, and how “critical vendors” are treated.

**1. Question: What information is the  
 debtor required to disclose in its bankruptcy case and how can a creditor  
 obtain information about the financial status of the debtor?**

Disclosure is the hallmark of the bankruptcy  
 process. Along with the Chapter 11 petition, debtors must file a list of their  
 largest unsecured creditors and provide estimates of their assets and  
 liabilities. Early in the case, a debtor must file detailed schedules and a  
 statement of financial affairs, though debtors often obtain extensions of time  
 to file such documents. The schedules include, among other things, lists of all  
 known creditors and equity security holders (along with amounts and types of  
 claims), executory contracts and unexpired leases, and assets of any type or  
 nature. The statement of financial affairs requires disclosure of, among other  
 things, transfers made in the lead up to the bankruptcy filing and all pending  
 litigation. During the course of a Chapter 11 case, debtors are required to  
 file monthly operating reports detailing all receipts and disbursements during  
 each month of the case.

All of these documents are available online  
 through Public Access to Court Electronic Records (PACER), which charges a fee  
 for each page viewed. A U.S. law firm typically has a PACER subscription. In  
 very large cases, debtors may hire a third party service provider to make such  
 information available for free on a website specifically dedicated for this  
 purpose. Given the often voluminous nature of these filings, it is most  
 efficient to consult with a U.S. bankruptcy attorney to obtain and analyze the  
 relevant information and monitor the bankruptcy case as it proceeds.

**2. Question: What relief will the debtor  
 seek at the very beginning of the case and how can a supplier protect itself?**

Soon after filing a Chapter 11 petition, most  
 debtors file a variety of “first day motions” to obtain permission to take  
 certain actions necessary to keep the debtor’s business going that cannot be  
 taken absent permission from the bankruptcy court. First day motions usually  
 include requests to pay certain pre-bankruptcy debts (such as critical and/or  
 foreign vendors, employees, and insurance premiums), to obtain post-bankruptcy  
 financing, and to use cash collateral that is otherwise subject to a secured  
 interest. It would be worthwhile to consult with a U.S. bankruptcy  
 attorney to determine whether and how such motions may impact your rights in  
 the bankruptcy case.

**3. Question: What is the impact of the  
 debtor recognizing a supplier as a “critical vendor”?**

As noted above, among the first day motions  
 frequently filed in Chapter 11 case are those seeking authority to pay the  
 pre-bankruptcy claims of vendors that the debtor deems to be “critical.”  
 Critical vendors are those that are essential to the debtor’s operations going  
 forward (such as suppliers of important components, parts, or equipment) and  
 with whom the debtor desires to have a continuing contractual or business  
 relationship notwithstanding its bankruptcy filing. Absent authority to pay  
 such critical vendors on account of their pre-bankruptcy claims, no payment  
 would be made on account of such claims until a plan is confirmed which may not  
 provide for payment in full to such claims.

Debtors obtaining authority to pay critical  
 vendors are generally given broad discretion to use their business judgment to  
 determine which vendors qualify as critical for purposes of payment and how  
 much to pay them. Moreover, to the extent debtors are given the authority to  
 pay critical vendors, they are often expressly permitted to condition payments  
 to critical vendors on those vendors agreeing to proceed according to terms as  
 good as or better than those that applied to the relationship between the  
 debtor and the vendor prior to the bankruptcy filing.

**4. Question: What is the “Section 341  
 meeting” of creditors and should suppliers attend?**

The Section 341 meeting of creditors involves  
 an examination of the debtor under oath, through its representatives, regarding  
 the debtor’s primary assets, liabilities, and intentions regarding  
 reorganization. In Chapter 11 cases, the meeting is conducted, and the bulk of  
 the questioning is done, by a representative of the Office of the U.S. Trustee  
 (a branch of the U.S. Department of Justice). Creditors are welcome to attend  
 the meeting and are permitted to examine the debtor regarding its finances as  
 well. The judge in the bankruptcy case is not present at these meetings and  
 they are not conducted in a courtroom.

The meeting of creditors must occur between  
 21 and 40 days after the filing of the bankruptcy petition, although the U.S.  
 Trustee’s office may adjourn the meeting. Suppliers should consider having  
 their U.S. bankruptcy counsel attend the meeting, both to get a better sense of  
 where the case is headed and to examine the debtor under oath, if desired.

**5. Question: Can a supplier seek to  
 dismiss the bankruptcy case if it believes it was filed in bad faith or other  
 grounds for doing so?**

A Chapter 11 bankruptcy case may be dismissed  
 for a variety of reasons, including that the case was filed in “bad faith.”  
 When considering whether a Chapter 11 case is filed in bad faith, the  
 bankruptcy court will look at the totality of the circumstances and decide  
 whether the debtor actually needs Chapter 11 protection and intends to use the  
 substantial benefits afforded by bankruptcy law to reorganize its financial  
 affairs. In practice, bankruptcy courts tend to be cautious to dismiss a  
 Chapter 11 case at the outset and usually wait to see whether there are other  
 bases for dismissal, such as failure to comply with a court order or failure to  
 timely provide information or attend meetings.

**德汇律师事务所联系人：** Catherine  
 Pan-Giordano   (pan.catherine@dorsey.com)

[View full post](https://www.cgccusa.org/zh/news/德汇美国破产法问答-系列之三)

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