Monthly operating report (MOR) service for Subchapter V debtors (Form 425C)

What does the $1,500 monthly report include?

• Form 425C complete, with every exhibit the form calls for: receipts, disbursements, unpaid post-petition bills, receivables, professional fees.
• A bank reconciliation for each account, so the cash on the report ties to the statements.
• The next-month projection the form asks for, and the projected-versus-actual comparison carried forward from month to month.
• The due date, tracked for you: local rules and the U.S. Trustee's regional guidelines can set different dates and supplemental documents, and when they differ we calendar the earlier one. (How MOR requirements vary by district)

Work begins when the retention application is on file. From then, if complete records reach us 10 business days before the deadline, counsel has a draft 5 business days before it. If records arrive later, the draft moves back by the same number of days, and we tell counsel the new date as soon as we know it. If the first report is due sooner than that, tell us the date and we start with that report once the application is filed.

Report only or full package: what does each cost?

• Form 425C with exhibits

  Report only, $1,500 a month

  Yes

  Full package, $4,500 setup + $2,500 a month

  Yes

• Bank reconciliation for each account

  Report only, $1,500 a month

  Yes

  Full package, $4,500 setup + $2,500 a month

  Yes

• Next-month projection the form asks for

  Report only, $1,500 a month

  Yes

  Full package, $4,500 setup + $2,500 a month

  Yes

• 13-week cash flow model, updated weekly

  Report only, $1,500 a month

  No

  Full package, $4,500 setup + $2,500 a month

  Yes

• Cash collateral budget in the lender's and the order's format

  Report only, $1,500 a month

  No

  Full package, $4,500 setup + $2,500 a month

  Yes, in setup

• Budget-to-actual reporting on the order's schedule

  Report only, $1,500 a month

  No

  Full package, $4,500 setup + $2,500 a month

  Yes

• Fits a case with

  Report only, $1,500 a month

  No cash collateral order and no lender asking for a weekly budget

  Full package, $4,500 setup + $2,500 a month

  A cash collateral order, or a lender asking for a budget

Plan projections (projections for the plan term, written assumptions, the liquidation analysis, and a downside case) are $4,500 once, added to either. Six months of reports plus plan projections come to $13,500. The full package for six months, with setup and plan projections, comes to $24,000.

If the books are behind, we catch them up at $600 for each month behind, counted from the last reconciled month to the petition date, for up to three bank accounts and about 250 transactions a month. We confirm the count from the bank statements before the scope is signed. Larger volumes are quoted in the scope.

In a Chapter 11 case outside the small business track, the monthly report is UST Form 11-MOR. We prepare that too and quote the fee in a one-page scope before work starts.

Frequently asked questions

Can my CPA or bookkeeper prepare the monthly operating report?

Often, yes. A bookkeeper or CPA who knows the business and keeps the books current can prepare Form 425C, and many do. We fit the case where nobody has the hours each month or the deadline keeps slipping: we keep the calendar for the report, and counsel gets a draft ready for the debtor to sign before each deadline, for a fixed monthly fee. Bringing us in adds a step, because an outside professional paid by the estate has to be retained under §327 with court approval. We can also split the work with the CPA: the CPA keeps the tax work and we take the reports. What the bookkeeper and the CPA keep doing in a case

What happens if a report is late or missing?

A late or missing report can get the case dismissed or converted to Chapter 7: an unexcused failure to file a required report on time is one of the grounds listed at 11 U.S.C. § 1112(b)(4)(F). We followed 213 Subchapter V cases filed in late 2025 through their dockets to October 6, 2026, and none of the 13 debtors that never filed a report had reached a confirmed plan. It is a small sample and it does not show cause, because a business that is failing also stops reporting. How we counted the 213 cases

What do you need from the debtor, and how fast is the first report?

Statements or read-only access for every bank account, including the DIP account; access to the accounting file (QuickBooks or similar); last month's report, if one was filed; the case's reporting orders; and one person who answers within a day. The timing is the one above: records 10 business days before the deadline give counsel a draft 5 business days before it. If the deadline is closer than that, send us the date first. (Form 425C instructions for Subchapter V)

How are we retained and paid?

The debtor, through counsel, applies to retain us under §327. We check for connections against the petition, the creditor matrix, the trustee, the U.S. Trustee's office, and counsel's firm, disclose them in our Rule 2014 declaration, and draft the application, the declaration, and the proposed order for counsel's review. The application asks the court to approve the fixed fee under §328(a). If the court applies §330 instead, the fee is the lower of the fixed fee for the months worked and $375 an hour for the time recorded. Testimony by video on the reports we prepared, where the court permits it, is included; in-person court time and travel are billed separately. We keep time records and prepare our own fee applications. Fees are paid by the estate (the debtor's business) on fee applications the court approves, on the schedule the court sets.