Understanding Key Time Limits
There are two deadlines for the filing of customer claims:
- Court deadline. The time set by the bankruptcy court for filing of
customer claims is usually 60 days after the date the notice of
the proceeding is published, but could be as little as 30 days after
the publication date. The deadline appears in the published notice
and a copy of the notice is mailed to customers along with claim
forms and instructions that also prominently display the date. Pay
close attention to the deadline set forth in the notice and be certain
the trustee receives your claim in a timely manner.
- Federal law deadline. If your completed claim form is received by the
trustee after the date set by the bankruptcy court but no later
than six months after public notice is published, the claim is subject
to delayed processing and, possibly, limited payment. The six-month
deadline is set out in the federal law governing SIPC. The federal
deadline absolutely bars any claim that is received more than six
months after the publication date. Except for some very narrow exceptions,
there are no grounds for time extensions beyond the deadline.
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