The Plan and Disclosure Statement. The debtor has 120 days from the filing of the petition to file a Plan of Reorganization. During this time, unless shortened by the Court, only the debtor can file a plan. After that time, unless extended by the Court, any party in interest can file a plan. You should, immediately, be considering what plan is going to be offered to the creditors.
Most taxes owed are generally payroll taxes.
Since management may be personally liable for these taxes, management often wants these taxes paid as soon as possible. The Disclosure Statement is a statement of information sufficient to give the creditors adequate information to make an informed decision concerning whether or not they wish to vote for the plan. Generally, creditors have the right to vote on the plan. The Bankruptcy Code requires all Chapter 11 debtors to pay a quarterly fee based on its total disbursements for the quarter. A copy of the reporting form is included in the documentation enumerated above.