5008-1 FUNDS OF CH 11 ESTATES

5008-1 Funds of Chapter 11 Estates

(a) New Bank Accounts. Immediately upon filing a chapter 11 petition, the debtor shall close all bank accounts. The debtor shall open and maintain a new general bank account in a federally insured depository. If the debtor has an ongoing business with employees, the debtor shall similarly open and maintain a tax account, unless the Court deems it unnecessary. If the debtor maintained a separate payroll account immediately prior to filing, the debtor shall similarly open and maintain a payroll account, unless the Court deems it unnecessary. The signature cards for the new
accounts shall clearly indicate that the debtor is a "debtor-in-possession."
(b) Sales of Assets. Unless the Court orders otherwise, the net cash proceeds from the sales of assets pursuant to 11 U.S.C. §363 shall be deposited in separate, interest-bearing blocked accounts at a federally insured depository. All such accounts shall bear the inscription "not to be disbursed or withdrawn except upon further order of the Bankruptcy Court."
(c) Insured Funds. "Federally insured depository" means a financial institution that is
insured by the Federal Deposit Insurance Corporation or other federal agency providing deposit protection. Except with respect to funds that are held on deposit with an entity that is included in the U.S. Trustee’s list of cooperating depositories, no account shall be maintained with a balance in excess of $100,000, except as provided in 11 U.S.C. §345(b). If necessary, additional insured accounts shall be opened in different depositories so that any deposit shall not exceed the insured limits of the account.
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