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Bankruptcy Headlines
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if you are already an ABI member, or otherwise you may
Become an ABI Member
The length and the effects of the pandemic were capable of being ‘anticipated’ and therefore provide no reason for modifying a fixed fee under Section 328(a).
In enacting the Bankruptcy Code in 1978, Congress recognized, as public policy, a need to ensure that professional services provided to a trustee or debtor in possession were provided by skilled, competent professionals. This policy is codified in the Bankruptcy Code’s sections relating to the employment and compensation of estate professionals (§§ 327, 328 and 330), which overruled the judicially fashioned doctrine of “economy of the estate” applicable under the Bankruptcy Act. These sections were crafted to ensure adequate, predictable compensation for estate professionals.
Bankruptcy Judge Sean Lane in New York barred a chapter 11 claims agent from selling the claims docket to a claims trader in return for a share of the fees earned by the trader.