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"Professionals" [2019] ELECD 2093; in Lubben, Stephen (ed), "American Business Bankruptcy" (Edward Elgar Publishing, 2019) 119

Book Title: American Business Bankruptcy

Editor(s): Lubben, Stephen

Publisher: Edward Elgar Publishing

Section: Chapter 14

Section Title: Professionals

Number of pages: 9

Abstract/Description:

Under the Bankruptcy Code, the court and the U.S. Trustee oversee the retention and compensation of the debtor’s professionals, along with those professionals retained by official committees. In all cases, the debtor (or committee) must file an application to retain its chosen professionals, and the court must approve it. The retention of professionals is supported by an extensive disclosure process. After the court has approved the professional’s retention, the next hurdle it faces is getting paid. Under the Code, the court is instructed to approve “reasonable compensation for actual, necessary services.”