Form 3 is a summary listing of pending asset cases. It lists each case that is either expected to be or declared to be an asset case by the trustee, each case in which the trustee has received funds of the estate, and each case in which a no-asset report has not been filed and 60 days have passed since the initial examination of the debtor at the chapter 341 meeting of creditors. A final report informs the court, the debtor, the creditors, and the United States Trustee about the assets recovered and the manner in which the trustee proposes to divide them among the creditors. It also discloses the compensation the trustee requests. As such, it is an important document, and trustees must timely file accurate and complete reports if an estate is to be administered fairly and efficiently.
Trustees keep logs of receipts to ensure proper administration of assets and to prevent theft.
Given the serious nature of those problems, the trustee had been asked to respond to them within thirty days from receipt of the report, but he failed to do so in a timely fashion. Indeed, having the ability to be courteous to all parties is one of the express requirements for becoming a chapter 7 panel trustee.