Eyebrows “R” Us Files for Bankruptcy
Eyebrows “R” Us files a vluntary petition for relief under Chapter 11. Attorneys for Eyebrows “R” Us seeks an order authorizing maintenance of its existing bank accounts, and temporary use of its existing cash management system.
Marketing Gurus, Inc. dba Eyebrows “R” Us, www.eyebrows4us.com files a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. The Debtor Eyebrows “R” Us continues to operate its business as debtors-in-possession. No creditor’s committee has been appointed in this case by the United States Trustee.
Attorneys for Eyebrows “R” Us seeks an order authorizing maintenance of its existing bank accounts, and temporary use of its existing cash management system.
The United States Trustee guidelines require a Chapter 11 debtor to (a) close all existing bank accounts and open new debtor-in-possession bank accounts; (b) establish one debtor-in-possession account for all estate monies required for the payment of taxes, including payroll taxes; (c) maintain a separate debtor-in-possession account for cash collateral; and (d) obtain checks for all debtor-in-possession account which bear the designation “Debtor-in-Possession”, As of the Petition Date, the Debtor (Eyebrows “R” Us) maintained fifteen bank accounts with various financial institutions.
It is requested that the Bank Accounts be deemed to be debtor-in-possession account, and that it is authorized to open it for the limited purpose of removing the funds thereon and depositing them in new, post-petition account (the “DIP Accounts”).