Fayetteville Policies and Procedures 303.0
The original PDF version of this policy is linked from the revised date below.
The General Counsel Office of the University of Arkansas, Fayetteville, processes all UAF claims against companies, organizations or individuals filing for bankruptcy. Departments are responsible for routing all bankruptcy-related correspondence to the General Counsel Office immediately after receipt. The University's response time may be limited by a court-imposed deadline.
Notice of Petition to File Bankruptcy
The Notice of Petition to File Bankruptcy is notification to the University that a
person or organization has filed a petition for bankruptcy.
The Notice of Petition occurs prior to a person or organization actually being granted a discharge of bankruptcy and is an information gathering procedure designed to provide the courts with the documentation needed to complete the bankruptcy proceedings.
General Counsel responds to this notice by contacting all involved UAF departments to determine the total amount owed the University and then filing a claim with the cognizant court. UAF departments should respond immediately to information requests from the General Counsel Office even when money is not owed the department.
Receiving the Notice of Petition to File Bankruptcy requires the University of Arkansas to cease collection efforts on the person or organization, however, this does not mean that the debt is forgiven or dismissed.
Notice of Discharge of Bankruptcy
The Notice of Discharge of Bankruptcy informs the University of the disposition of
the court proceedings.
The University of Arkansas will continue to reflect the debt on their books until it is determined that the debt is no longer considered collectible.
Any new charges for student enrollment or University services must be paid in full in advance.
The Associate Vice Chancellor for Financial Affairs makes a determination of what is collectible and in turn notifies the involved departments. Any recovered funds are directed to the appropriate accounts.
The Director of the Arkansas Department of Finance and Administration authorizes the abatement of the discharged balance of the bankruptcy.
Reformatted for Web May 13, 2014
Revised January, 1999