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