Posted 1/21/2013 12:00 am
Updated 4 months ago
Since Bruce Burrow hasn’t complied with reporting requirements, a U.S. bankruptcy trustee has asked that the Jonesboro developer’s Chapter 11 bankruptcy reorganization be converted to Chapter 7 liquidation or thrown out.
Burrow hasn’t filed “accurate monthly operating reports for September, October and November 2012,” according to the motion filed by Nancy Gargula, the U.S. trustee whose jurisdiction covers Arkansas.
Burrow also didn’t file proof of insurance on his property or a list of other financial documents, the motion said.
“Operating reports are a source of vital, financial information which creditors and other parties in interest may access in order to make an informed decision on the merits of [Burrow’s] disclosure statement and plan,” the motion said.
Burrow’s attorney, Kevin Keech of North Little Rock, said the missing paperwork was just an oversight and the motion took him by surprise. He said that ordinarily he would receive a call about missing documents.
“I was not aware that those things were missing,” he said. “Our position is it’s simply miscommunication and don’t believe it’s going to be an issue.”
He said the missing documents should be filed soon, which should resolve the issues.
Burrow filed his Chapter 11 bankruptcy petition in July and listed total debts of $17.27 million and total assets of $14.1 million.