All work and no pay: conflicts of (dis)interest among Chapter 11 professionals

Article Abstract:

The 1995 Federated Dept Stores decision, which held that the bankruptcy court abused its discretion by failing to appoint a disinterested financial advisor, is likely to create difficulties for debtors seeking professional help. The ruling has increased attorneys' concerns regarding compensation, since it mandates that they meet a standard for 'disinterest' in order to be paid. A more flexible reading is needed in interpreting Bankruptcy Code section 327(a), the basis of the Federated decision, because the public is ill-served by the chill the ruling places on the relationship between professionals and their clients.

Legal services, Attorneys, Offices of Lawyers, Bankruptcy Law, Other Justice, Public Order, and Safety Activities, Cases, Lawyers, Lawyers' fees, Practice of law, Attorney and client

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Would a tax by any other name smell as sweet? The treatment of special assessments in bankruptcy

Article Abstract:

Municipalities often use special assessments to finance improvements to infrastructure, but how to protect bondholders in case the landowners receiving the assessment file for bankruptcy has yet to be satisfactorily resolved. Classifying the special assessments as nondischargeable taxes, even though they do not fit the usual definition of taxes, would provide bondholders with the extra protection afforded to taxes in bankruptcy.

Special assessments

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A gray area in the law? recent developments relating to conflicts of interest and the retention of attorneys in bankruptcy cases

Article Abstract:

The authors address court decisions related to conflicts of interest and retention of attorneys in bankruptcy cases. Topics include the ethical and fiduciary obligations of court-apppointed attorneys, retention and compensation agreements, and the controversy over multidisciplinary practice.

Multidisciplinary law firms

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