Official Procedure Last Change April 30, 2010
Motion for Approval of Investment Guidelines Pursuant to Section 345
How to file:
Location of event: Bankruptcy > Motions, Applications & Briefs > Approval of Investment Guidelines Pursuant to Sec.345, Motion for
- 11 U.S.C. Section 345 requires generally that bankruptcy estate funds be held in accounts that are fully protected from loss, either because the funds are in government securities or because the financial institution has pledged government securities with the Federal Reserve sufficient to protect the amounts on deposit in estate accounts. The United States Trustee monitors the deposit of estate funds, and generally requires the use of 'authorized depositories' - banks that have agreed to pledge securities to the Federal Reserve whenever the United States Trustee requests. Occasionally, a debtor operating under Chapter 11 with multiple bank accounts will want to retain those accounts even if the institution isn’t an authorized depository. (On very rare occasions, a trustee under any Chapter may seek this authority.) The debtor will file a motion asking the Court’s blessing to deviate from the requirements of Section 345 and the United States Trustee.
- This motion is on the list of first day motions in Chapter 11 cases contained in L.R. 9013-3(f). If filed with the bankruptcy petition or within 2 business days of the filing of the petition, the motion will be set for hearing on an expedited basis without the filing of a motion for emergency/expedited hearing.
- The Motion must be signed by the filing party or their attorney.
- A Certificate of Service must be included.
- A proposed order must be uploaded.
1. Log into CM/ECF.
2. Select Bankruptcy > Motions, Applications & Briefs.
3. Enter case number (in the format xx-xxxxx) and click Next.
4. Select Approval of Investment Guidelines Pursuant to Sec.345, Motion for from the event list and click Next.
5. Select appropriate radio button to indicate whether or not the Motion you are filing is amended.
6. Check box if jointly filing with another attorney. Click Next.
7. If you indicated that you are filing jointly with other attorney(s), select additional attorney(s) and click Next.
Note: You cannot add attorneys. Only attorneys who have previously entered an appearance will be available for selection.
8. Select the party filer. If the party is not listed, or cannot be selected, view instructions on adding a new party. Click Next.
Note: The "Attorney/Party Association” screen may appear. If your party selection was correct, check the box to create an association and click Next.
10. If Motion is being filed within two business days of the filing of the Chapter 11 petition, you are asked if you are filing as a First Day Motion. Check the appropriate radio button and click Next.
11. If you indicated in step 5 that you are filing an amended motion, all pending motions on the docket are displayed. Select the motion that is being amended and click Next.
12. Select prefix text, if applicable, and click Next.
Note: The prefix text option is not available if you indicated in Step 5 that the Motion you are filing is amended.
13. Verify final docket text. If correct, click Next to submit.
Note: The Notice of Electronic Filing displays giving you the document number. Copies of this notice are immediately e-mailed to all participants who receive electronic notification in the case.