Bankruptcy.

CFR · 2024-01-01 · US · Title 7

(a) (1) Taking actions that result in greater recoveries and avoiding actions that are likely not to be cost-effective; (2) Monitoring confirmed bankruptcy plans to determine borrower compliance, and, if the borrower fails to comply, pursuing appropriate relief, including seeking a dismissal of the bankruptcy plan; (3) Requesting modifications of any proposed bankruptcy plan whenever it appears that the lender could obtain additional recoveries via plan modification; (4) Filing a proof of claim, when necessary, and all the necessary papers and pleadings concerning the case; (5) Attending and, when necessary, participating in meetings of the creditors and all court proceedings; (6) Immediately seeking adequate protection of the collateral if it is subject to being used by the trustee in bankruptcy or the debtor in possession; (7) When appropriate, seeking involuntary conversion of a pending chapter 11 case to a liquidation proceeding or seeking dismissal of the proceedings; (8) Submitting a default status report within 15 calendar days after the date when the borrower defaults and every 30 calendar days thereafter until the default is resolved or a final loss claim is paid by the Agency; and (9) Informing the Agency within 10 working days upon notification of the filing of a bankruptcy case and keeping the Agency adequately and regularly informed, in writing, of all aspects of the proceedings, at a minimum, on a bi-monthly basis. (b) (c) (d) (1) (ii) The lender must use the re

official document · source cfr-2024 · id 7:§ 5001.519