audit on plan needed if plan sponsor bankrupt?

[Guest Boots]

We are a cpa firm who in the past has completed an audit on a client who is now bankrupt, so no employees, no company or anyone who could sign our engagement letter. The assets are held at a bank and they have sent us the usual audit package - looking for us to complete (as usual). I have searched the website here and the dol/irs website but can not find any cites to clarify the filing requirements in this situation. I believe the plan is now called an 'orphan plan'.

We're not sure if the bankrupcy court has made provisions to assign a qualified termination administrator. We actually have very little info., but we want to ensure we are not overlooking our duties.

Can any one offer any guidence, opinions of what to do or what they would do in this situation? any help greatly appreciated!

[chc93]

Here's our situation. We are currently working with a DC plan for a company that went bankrupt in early 2008 (no employees, no company). The bankruptcy court has assigned a bankruptcy estate trustee (I think that's what he's called), who I think is now the plan administrator (with authority to sign all documents and approve any and all payments from the plan). We are still in contact with the former company HR, who is also in contact with the plan's ERISA attorney, in addition to the outside attorney representing the union. I understand that 2008 must still be filed normally, in addition to 2009, since assets have not yet been fully distributed. We are currently working with the independent plan auditors for the audit report, and we are preparing the 2008 Form 5500 as normal. In addition, the plan was filed with the IRS for plan termination DL in late 2008, and distributions will not occur until the DL is received.

One other situation that occurred back in 2001 was a DB plan for a company that went bankrupt and was taken over by the PBGC. In this case, the PBGC informed us that the DB plan's filing requirements (including audit report) ended when PBGC took over trusteeship of the plan.