48 USC 2178 - Disclosure by professional persons seeking approval of compensation under section 2176 or 2177 of this title

U.S Code last checked for updates: Nov 23, 2024

§ 2178.

Disclosure by professional persons seeking approval of compensation under section 2176 or 2177 of this title

(a)

Definitions

In this section:

(1)

List of Material Interested Parties

(2)

Oversight Board

(b)

Required disclosure

(1)

In general

(2)

Supplement

(3)

Disclosure

(c)

List of Material Interested Parties

(1)

Preparation

Not later than 30 days after January 20, 2022, the Oversight Board shall establish a List of Material Interested Parties subject to—

(A)

the approval of the court; and

(B)

the right of the United States trustee or any party in interest to be heard on the approval.

(2)

Inclusions

Except as provided in paragraph (3), the List of Material Interested Parties shall include—

(A)

the debtor;

(B)

any creditor;

(C)

any other party in interest;

(D)

any attorney or accountant of—

(i)

the debtor;

(ii)

any creditor; or

(iii)

any other party in interest;

(E)

the United States trustee and any person employed in the office of the United States trustee; and

(F)

the Oversight Board, including the members, the Executive Director, and the employees of the Oversight Board.

(3)

Exclusions

(d)

Review

(1)

In general

(2)

Objection

(e)

Limitation on compensation

In a case commenced under section 2164 of this title, in connection with the review and approval of professional compensation under section 2176 or 2177 of this title filed after January 20, 2022, the court may deny allowance of compensation or reimbursement of expenses if—

(1)

the professional person has failed to file the verified disclosure statements required under subsection (b)(1) or has filed inadequate disclosure statements under that subsection; or

(2)

during the professional person’s employment in connection with the case, the professional person—

(A)

is not a disinterested person (as defined in section 101 of title 11) relative to any entity or person on the List of Material Interested Parties; or

(B)

represents or holds an adverse interest in connection with the case.

(Pub. L. 117–82, § 2, Jan. 20, 2022, 136 Stat. 3.)

cite as: 48 USC 2178