Court filing
Periodic Report (Official Form 426) — In re KServicing
Summary
An Official Form 426 Periodic Report as of 3/31/2023, filed May 3, 2023 as Doc 802 by debtor Kabbage, Inc. d/b/a KServicing in Case No. 22-10951 (Jointly Administered) in the U.S. Bankruptcy Court for the District of Delaware, as required by Bankruptcy Rule 2015.3. It reports that the debtor holds a 100% interest in one Controlled Non-Debtor Entity, Kabbage Financial Services LTD. Exhibit A states that the entity's financial statements are unaudited and do not conform to GAAP. Exhibit B states that the entity was established to provide online lending to small businesses in the UK, that this lending ceased in 2015, and that the entity was dissolved on March 7, 2023. Exhibits C, D and E report no intercompany claims, no tax allocations and no payments of debtor expenses by the entity. The 11-page report is signed by an authorized individual on 05/03/2023.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
No. 22-10951 · Doc. 802 · Docket on CourtListener
Full text
Case 22-10951-CTG Doc 802 Filed 05/03/23 Page 1 of 11
Fill in this information to identify the case:
Debtor Name KABBAGE, INC. d/b/a KSERVICING
_____________________________________________
United States Bankruptcy Court for the: District of Delaware
(State)
Case number: __22-10951 (Jointly Administered)___
Official Form 426
Periodic Report Regarding Value, Operations, and Profitability of Entities
in Which the Debtor’s Estate Holds a Substantial or Controlling Interest
12/17
This is the Periodic Report as of 3/31/2023
__________ on the value, operations, and profitability of those entities in which a
Debtor holds, or two or more Debtors collectively hold, a substantial or controlling interest (a “Controlled Non-Debtor
Entity”), as required by Bankruptcy Rule 2015.3. For purposes of this form, “Debtor” shall include the estate of such
Debtor.
Kabbage, Inc. d/b/a KServicing holds a substantial or controlling interest in the following entities:
Name of Controlled Non-Debtor Entity Interest of the Debtor Tab #
Kabbage Financial Services LTD 100%
This Periodic Report contains separate reports (Entity Reports) on the value, operations, and profitability of each
Controlled Non-Debtor Entity.
Each Entity Report consists of five exhibits.
Exhibit A contains the most recently available: balance sheet, statement of income (loss), statement of cash flows,
and a statement of changes in shareholders’ or partners’ equity (deficit) for the period covered by the Entity Report,
along with summarized footnotes.
Exhibit B describes the Controlled Non-Debtor Entity’s business operations.
Exhibit C describes claims between the Controlled Non-Debtor Entity and any other Controlled Non-Debtor Entity.
Exhibit D describes how federal, state or local taxes, and any tax attributes, refunds, or other benefits, have been
allocated between or among the Controlled Non-Debtor Entity and any Debtor or any other Controlled Non-Debtor
Entity and includes a copy of each tax sharing or tax allocation agreement to which the Controlled Non-Debtor
Entity is a party with any other Controlled Non-Debtor Entity.
Exhibit E describes any payment, by the Controlled Non-Debtor Entity, of any claims, administrative expenses or
professional fees that have been or could be asserted against any Debtor, or the incurrence of any obligation to make
such payments, together with the reason for the entity’s payment thereof or incurrence of any obligation with
respect thereto.
This Periodic Report must be signed by a representative of the trustee or debtor in possession.
Official Form 426 Periodic Report About Controlled Non-Debtor Entities’ Value, Operations, and Profitability page 1
Case 22-10951-CTG Doc 802 Filed 05/03/23 Page 2 of 11
Debtor Name KABBAGE, INC. d/b/a KSERVICING
_______________________________________________________ Case 22-10951 (Jointly Administered)
number_____________________________________
The undersigned, having reviewed the Entity Reports for each Controlled Non-Debtor Entity, and being familiar with the Debtor’s
financial affairs, verifies under the penalty of perjury that to the best of his or her knowledge, (i) this Periodic Report and the
attached Entity Reports are complete, accurate, and truthful to the best of his or her knowledge, and (ii) the Debtor did not cause
the creation of any entity with actual deliberate intent to evade the requirements of Bankruptcy Rule 2015.3
/s/ Tamica Williams
For non-individual
Debtors: _____________________________________________
Signature of Authorized Individual
Tamica Williams
_____________________________________________
Printed name of Authorized Individual
Date 05/03/2023
MM / DD / YYYY
For individual Debtors:
___________________________________________ ____________________________________________
Signature of Debtor 1 Signature of Debtor 2
_______________________________________ ____________________________________________
Printed name of Debtor 1 Printed name of Debtor 2
Date _______________ Date _______________
MM / DD / YYYY MM / DD / YYYY
Official Form 426 Periodic Report About Controlled Non-Debtor Entity’s Value, Operations, and Profitability page 2
Case 22-10951-CTG Doc 802 Filed 05/03/23 Page 3 of 11
Debtor Name KABBAGE, INC. d/b/a KSERVICING
_______________________________________________________ Case 22-10951 (Jointly Administered)
number_____________________________________
Exhibit A: Financial Statements for Kabbage Financial Services LTD
The financial statements for the Controlled Non-Debtor Entity in this Exhibit A are unaudited. The financial statements do
not conform to the requirements for the presentation of financial statements of the United States’ generally accepted
accounting principles (“GAAP”) and do not include all of the information and disclosures required by GAAP. Additionally,
the financial statements are subject to further review and potential adjustment.
Official Form 426 Periodic Report About Controlled Non-Debtor Entity’s Value, Operations, and Profitability page 3
Case 22-10951-CTG Doc 802 Filed 05/03/23 Page 4 of 11
Debtor Name KABBAGE, INC. d/b/a KSERVICING
_______________________________________________________ Case 22-10951 (Jointly Administered)
number_____________________________________
Exhibit A-1: Balance Sheet for Kabbage Financial Services LTD as of 3/31/2023
Official Form 426 Periodic Report About Controlled Non-Debtor Entity’s Value, Operations, and Profitability page 4
Case 22-10951-CTG Doc 802 Filed 05/03/23 Page 5 of 11
Debtor Name KABBAGE, INC. d/b/a KSERVICING
_______________________________________________________ Case 22-10951 (Jointly Administered)
number_____________________________________
Exhibit A-2: Statement of Income (Loss) for Kabbage Financial Services LTD for period ending 3/31/2023
Official Form 426 Periodic Report About Controlled Non-Debtor Entity’s Value, Operations, and Profitability page 5
Case 22-10951-CTG Doc 802 Filed 05/03/23 Page 6 of 11
Debtor Name KABBAGE, INC. d/b/a KSERVICING
_______________________________________________________ Case 22-10951 (Jointly Administered)
number_____________________________________
Exhibit A-3: Statement of Cash Flows for Kabbage Financial Services LTD for period ending 3/31/2023
Official Form 426 Periodic Report About Controlled Non-Debtor Entity’s Value, Operations, and Profitability page 6
Case 22-10951-CTG Doc 802 Filed 05/03/23 Page 7 of 11
Debtor Name KABBAGE, INC. d/b/a KSERVICING
_______________________________________________________ Case 22-10951 (Jointly Administered)
number_____________________________________
Exhibit A-4: Statement of Changes in Shareholders’/Partners’ Equity ( Deficit) for Kabbage Financial Services LTD
for period ending 3/31/2023
Official Form 426 Periodic Report About Controlled Non-Debtor Entity’s Value, Operations, and Profitability page 7
Case 22-10951-CTG Doc 802 Filed 05/03/23 Page 8 of 11
Debtor Name KABBAGE, INC. d/b/a KSERVICING
_______________________________________________________ Case 22-10951 (Jointly Administered)
number_____________________________________
Exhibit B: Description of Operations for Controlled Non-Debtors Entities
Kabbage Financial Services LTD is 100% owned by Kabbage, Inc. and was established to provide online lending
to small businesses in the UK. Kabbage Financial Services LTD used Kabbage, Inc.'s platform, technology, IP, and
balance sheet to make loans to small businesses in the UK. This lending was ceased in 2015.
The entity was dissolved on March 7, 2023.
Official Form 426 Periodic Report About Controlled Non-Debtor Entity’s Value, Operations, and Profitability page 8
Case 22-10951-CTG Doc 802 Filed 05/03/23 Page 9 of 11
Debtor Name KABBAGE, INC. d/b/a KSERVICING
_______________________________________________________ Case 22-10951 (Jointly Administered)
number_____________________________________
Exhibit C: Description of Intercompany Claims
No intercompany claims exist.
Official Form 426 Periodic Report About Controlled Non-Debtor Entity’s Value, Operations, and Profitability page 9
Case 22-10951-CTG Doc 802 Filed 05/03/23 Page 10 of 11
Debtor Name KABBAGE, INC. d/b/a KSERVICING
_______________________________________________________ Case 22-10951 (Jointly Administered)
number_____________________________________
Exhibit D: Allocation of Tax Liabilities and Assets
No federal, state, or local taxes, or any tax attributes, refunds, or other benefits, have been allocated between the
Controlled Non-Debtor Entity and the Debtors.
Official Form 426 Periodic Report About Controlled Non-Debtor Entity’s Value, Operations, and Profitability page 10
Case 22-10951-CTG Doc 802 Filed 05/03/23 Page 11 of 11
Debtor Name KABBAGE, INC. d/b/a KSERVICING
_______________________________________________________ Case 22-10951 (Jointly Administered)
number_____________________________________
Exhibit E: Description of Controlled Non-Debtor Entity’s payments of Administrative Expenses, or Professional Fees
otherwise payable by a Debtor
No payments otherwise payable by the Debtors have been paid by the Controlled Non-Debtor Entity.
Official Form 426 Periodic Report About Controlled Non-Debtor Entity’s Value, Operations, and Profitability page 11
File and source
- File
- gov.uscourts.deb.188293.802.0.pdf
- Size
- 640,282 bytes
- SHA-256
- 24e4067dd42f6ec1832d2c7ad9b2f9cea151a1b135ec51c8b6304a6cf0bbff77
- Original
- archive.org