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Viewing: 503.3 – University of North Carolina at Chapel Hill Procedure on Managing a Notification of Bankruptcy

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Current Status: Active PolicyStat ID: 4611969

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

Related Policies

503 – University of North Carolina at Chapel Hill Policy on Accounts Receivable

Procedure Sections

Procedure Statement

Forms and Instructions

Related Data

History

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 - University of North Carolina at Chapel Hill Procedure on Writing off Uncollectible Accounts

History

February 29, 2016

All revision dates: 2/29/2016, 2/18/2016
Attachments:

Approval Signatures

Step Description Approver Date
Chandrika Rao: Sr. Dir Accounting Svcs/Assoc Controller [AD] 2/28/2018
Step Description Approver Date
Chandrika Rao: Sr. Dir Accounting Svcs/Assoc Controller [AD] 2/28/2018
Older Version Approval Signatures