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Policies and Procedures

Procedure 503.3 – Managing a Notification of Bankruptcy

Effective
February 18, 2016
Last Updated
February 18, 2016
Last Reviewed
February 18, 2016
Responsible University Officer
Director of Accounting Services
Office of University Counsel
Responsible Unit
Accounting Services

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 should send a copy of the Notification of Bankruptcy and other applicable documentation immediately 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

503.2 - Writing off Uncollectible Accounts

History

February 29, 2016