04 Sep 2013

NABT Convention Provides Valuable Information for All

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Industry News:

NABT Convention Provides Valuable Information for All

This year’s NABT Convention at The Greenbrier in White Sulphur Springs, WV was attended by trustees, trustee assistants and other bankruptcy professionals from all over the United States. As with past conferences, this year’s convention was full of information regarding the state of the industry as well as practical tips and guidance and provided some great networking opportunities for all!

During the executive session, Cliff White, Director for the EOUST, informed the attendees that the USTP office will accelerate its efforts to consolidate trustee oversight functions including reviewing interim reports and trustee final reports, performing trustee field exams and closing trustee audits. The consolidations will improve the process over the long term; however, there will be an adjustment period as interactions with USTP staff may change from a local USTP office to someone outside the area.

We found Suzanne Hazard’s discussion on converting Chapter 11 or 13 cases to Chapter 7 cases to be extremely informative. As a panel member, Suzanne emphasized the importance of ONLY including viable assets on Form 1, not listing assets disposed or abandoned in the prior case status. She also talked about the type of language to include in the notes portion of the asset foot note as well as being specific, including intent and adding additional descriptions.

NABT Convention 2013 - BMS Breakout Session Winners

BMS Breakout Session Prize Winners:
Ashley Nelson (LA), Susan Siedel (TX) and Kara Rescia (MA).

Even though there were too many sessions that were interesting and informative, we also discovered that one of the key topics that was being discussed was that Form 1 errors account for more than 50% of all audit violations. During a session on Form 1 errors, it was pointed out that many trustees left values ‘unknown’ for longer than one reporting period – a clear handbook violation. BMS Trainer, Karrie Spies, noted that many trustees were changing the trustee values to match the sales value.

In the BMS Breakout Session, Karrie Spies provided a series of tips about how to use the built-in tools in CaseLink Office and CaseLink Web to catch and correct Form 1 errors before they become an audit issue. The clients who attended the session commented how they always look forward to the helpful tips & tricks provided during the BMS Breakout Session during each NABT conference. We’d also like to take this opportunity to congratulate the winners of our breakout session door prizes: Ashley Nelson (LA) was the winner of an Android Tablet while Susan Siedel (TX) and Kara Rescia (MA) each won Nook e-readers.

We hope you gathered some informative information during your sessions at the NABT. It is always nice to catch up with, you, our clients, and participate in the discussions going on through out the convention. If you weren’t at the NABT Convention, log into one of the many helpful webinars or recorded trainings hosted by Karrie Spies to learn more tips and tricks to reduce errors and improve your productivity.