What does a chapter 11 examiner do, and which records do they seek?

A chapter 11 examiner is a court-appointed neutral who investigates defined matters and files a report, but does not run the business or sign contracts. Management still approves any records license. Examiners request email, ledgers and archives, which makes preservation the first step in any SourceX review.

What does a chapter 11 examiner do?

A chapter 11 examiner is a neutral person appointed by the court to investigate specific matters and file a report. An examiner does not run the business, sell assets or sign contracts. In most chapter 11 cases the debtor stays in possession and control, so management, not the examiner, is the party that would sign a records license.

Appointment is governed by section 1104(c) of the Bankruptcy Code, and the duties are set by section 1106 and the appointment order. Read the order itself: scope varies a lot from one case to the next. This is general information, not legal, tax or financial advice. Confirm with your own counsel before acting.

Examiner versus trustee

Point	Examiner	Chapter 11 trustee
Role	Investigates and reports	Takes over management of the estate
Control of assets	None	Full control
Who signs contracts and licenses	Management or the debtor in possession	The trustee
Typical focus	Specific transactions, insider dealings, accounting questions, the sale process	Operating or liquidating the estate
Main output	A report to the court	Reorganization or liquidation actions
Relevance to a records license	Their requests shape what must be preserved	They decide whether to license

The practical point for a restructuring professional is that an examiner appointment does not change who has authority over the company's data. It does change what must be kept.

Which records do examiners seek?

Examiners pull the documents that explain what happened and who knew it. The categories below are common, though each order defines its own scope.

Records category	Where it usually lives	Why it matters to a licensing review
Email and chat	Mail server, Slack or Teams	Often the richest operational history; also the first thing to be preserved
General ledger and bank detail	Accounting system, bank portals	Shows which vendors and systems existed
Board and committee materials	Shared drives, board portals	Governance records may be privileged or confidential
Deal files and diligence rooms	Virtual data rooms	May contain third-party confidential material
Cash management and intercompany data	ERP, treasury tools	Shows how entities and systems connect
Backups and archives	Cloud storage, offline media	Decide whether history survives

How an examiner's work interacts with a records review

Four interactions come up repeatedly.

Preservation demands: an examiner may ask the debtor to hold all documents in scope. A SourceX review must never conflict with that hold, so counsel clear it first.
Access: examiner staff may be given read access to systems under the order or a protocol. That access does not transfer any right to license anything.
Privilege and confidentiality: investigation materials may include privileged or sealed documents that are excluded from any licensing scope.
Timing: the report itself often describes the company's systems, vendors and reporting lines, which saves discovery time.

What the report tells a partner

An examiner's public report is a good outside-in summary of the company's systems and decision records. It is not an inventory. The statement of financial affairs gives sworn information on who holds the books, and the report adds narrative on how the business was run.

Use both to answer: are there years of connected records, who controls them, and is there a decision-maker with authority? Where a lender has taken control of collateral, see the guide on private credit lenders taking the keys.

A short screen for restructuring professionals

The examiner's order and scope have been read, and the data categories in scope are listed
Management or the debtor in possession can authorize a license, with court approval if needed
A preservation hold is in place and documented
Licensing scope excludes privileged, sealed and third-party confidential material
Insurers and directors are aware; see D&O run-off and records retention
The company meets the 50+ full-time employees at peak baseline (contractors excluded)

What to say

When this is not a fit

Do not pursue a license while the examiner's scope is unclear, when the main records are privileged or belong to third parties, or when archives have been deleted. A license also should not be framed as a way to keep information from an investigation; preservation always comes first.

Next step

If a debtor's records still exist and someone with authority is willing to listen, use the company fit checker for a preliminary screen and read who qualifies. Then register as a partner and introduce the company, or have its authorized sponsor apply at sourcex.si/apply.

The partner reward is a share of SourceX's fee and is never deducted from what the company receives. It is payable only after the buyer pays and SourceX receives its fee, and no reward is guaranteed. Check your own professional rules, and any court disclosure requirements, before accepting one.

Step 1Share your linkSend your personal link to a company you know.
Step 2Company appliesThe company applies itself at /apply.
Step 3Buyer selects and paysThe buyer selects and pays for the data and SourceX receives its fee.
Step 4You get your rewardYour share of SourceX fees becomes payable.

Common questions

Can an examiner approve or block a data license?

Not as such. An examiner investigates and reports, and has only the powers given in the appointment order. Approval of a license outside the ordinary course sits with the court, and authority to sign sits with management or a trustee. An examiner may raise concerns if the license touches matters in scope.

Does an examiner appointment freeze the company's systems?

No automatic freeze exists. The order and any preservation requests define what the debtor must keep. Companies often keep running systems while ensuring nothing in scope is deleted. Ask counsel for the exact preservation obligations before shutting down or migrating a platform.

Are examiner reports public?

Often they are filed on the docket, though portions can be sealed. The report typically describes findings rather than reproducing every document. It should not be treated as a records inventory, but it can name systems, vendors and officers that help map where archives sit.

Is an examiner the same as a trustee in a records discussion?

No. A trustee controls the estate and can decide about licensing, while an examiner does not. If a trustee has been appointed in the case, the introduction goes to the trustee as the party with authority, and the court will usually need to approve.

Who qualifies as the sponsor in a case with an examiner?

The sponsor is whoever is authorized to bind the company or estate. In a typical chapter 11 that is management acting as debtor in possession, with court approval where required. Counsel for the debtor should confirm authority before any application.

Free resources

Days sales outstanding calculator — How many days customers take to pay.
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NPV calculator — Net present value with a discounted cash flow table.
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By SourceX Partnerships Team · Published 2026-10-09 · Updated 2026-10-09

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