503.3 - University of North Carolina at Chapel Hill Procedure on Managing a Notification of Bankruptcy

Procedure Statement

This procedure specifies the steps that must be taken relevant to accounts receivable where the debtor has initiated bankruptcy proceedings. This procedure applies to all University-owned accounts receivable.

If any department receives a Notification of Bankruptcy, where a University invoice or debt is involved or collection efforts are in progress, then the department must immediately send a copy of the Notification of Bankruptcy and other applicable documentation to the Office of University Counsel at Campus Box #9105. All departments with debt owed by the company/individual must cease collection efforts against the company/individual who has declared bankruptcy until directed otherwise by the University Counsel's office.

If the debts are discharged by the bankruptcy, the departments will be directed to write off the debt.

Forms and Instructions

None.

Related Data

Related Policies

  • Finance Policy 503 - University of North Carolina at Chapel Hill Policy on Accounts Receivable

History

  • February 29, 2016
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Details

Article ID: 131527
Created
Thu 4/8/21 9:11 PM
Modified
Tue 10/31/23 1:18 PM
Effective Date
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02/28/2018 12:00 AM
Issuing Officer
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Issuing Officer Title
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Int. ED Assoc. Entities/Assoc Controller
Last Review
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02/29/2016 12:00 AM
Last Revised
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02/29/2016 12:00 AM
Next Review
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02/28/2019 12:00 AM
Origination
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02/18/2016 12:00 AM
Responsible Unit
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F&O-Finance