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11 U.S.C. § 1102 — Creditors’ and equity security holders’ committees

Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 1102 — Creditors’ and equity security holders’ committees

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Stable record: federal_law:legal_authorities:record_usc_741c8bb3705a7f6bfe77e157
Source file: Laws/federal/codes/united-states-code/title-11/section-1102-creditors-and-equity-security-holders-committees--9791ba378e.md
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Source location: Title 11, Chapter 11, § 1102; chapter-011-reorganization.md

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**(a)** (1) Except as provided in paragraph (3), as soon as practicable after the order for relief under chapter 11 of this title, the United States trustee shall appoint a committee of creditors holding unsecured claims and may appoint additional committees of creditors or of equity security holders as the United States trustee deems appropriate. (2) On request of a party in interest, the court may order the appointment of additional committees of creditors or of equity security holders if necessary to assure adequate representation of creditors or of equity security holders. The United States trustee shall appoint any such committee. (3) Unless the court for cause orders otherwise, a committee of creditors may not be appointed in a small business case or a case under subchapter V of this chapter. (4) On request of a party in interest and after notice and a hearing, the court may order the United States trustee to change the membership of a committee appointed under this subsection, if the court determines that the change is necessary to ensure adequate representation of creditors or equity security holders. The court may order the United States trustee to increase the number of members of a committee to include a creditor that is a small business concern (as described in section 3(a)(1) of the Small Business Act), if the court determines that the creditor holds claims (of the kind represented by the committee) the aggregate amount of which, in comparison to the annual gross revenue of that creditor, is disproportionately large. **(b)** (1) A committee of creditors appointed under subsection (a) of this section shall ordinarily consist of the persons, willing to serve, that hold the seven largest claims against the debtor of the kinds represented on such committee, or of the members of a committee organized by creditors before the commencement of the case under this chapter, if such committee was fairly chosen and is representative of the different kinds of claims to be represented. (2) A committee of equity security holders appointed under subsection (a)(2) of this section shall ordinarily consist of the persons, willing to serve, that hold the seven largest amounts of equity securities of the debtor of the kinds represented on such committee. (3) A committee appointed under subsection (a) shall— (A) provide access to information for creditors who— (i) hold claims of the kind represented by that committee; and (ii) are not appointed to the committee; (B) solicit and receive comments from the creditors described in subparagraph (A); and (C) be subject to a court order that compels any additional report or disclosure to be made to the creditors described in subparagraph (A).

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Federal law — U.S. Code and appendices · legal_authorities

28 U.S.C. § 581 — United States trustees

**(a)** The Attorney General shall appoint one United States trustee for each of the following regions composed of Federal judicial districts (without regard to section 451): (1) The judicial districts established for the States of Maine, Massachusetts, New Hampshire, and Rhode Island. (2) The judicial districts established for the States of Connecticut, New York, and Vermont. (3) The judicial districts established for the States of Delaware, New Jersey, and Pennsylvania. (4) The judicial districts established for the States of Maryland, North Carolina, South Carolina, Virginia, and West Virginia and for the District of Columbia. (5) The judicial districts established for the States of Louisiana and Mississippi. (6) The Northern District of Texas and the Eastern District of Texas. (7) The Southern District of Texas and the Western District of Texas. (8) The judicial districts established for the States of Kentucky and Tennessee. (9) The judicial districts established for the States of Michigan and Ohio. (10) The Central District of Illinois and the Southern District of Illinois; and the judicial districts established for the State of Indiana. (11) The Northern District of Illinois; and the judicial districts established for the State of Wisconsin. (12) The judicial districts established for the States of Minnesota, Iowa, North Dakota, and South Dakota. (13) The judicial districts established for the States of Arkansas, Nebraska, and Missouri. (14) The District of Arizona. (15) The Southern District of California; and the judicial districts established for the State of Hawaii, and for Guam and the Commonwealth of the Northern Mariana Islands. (16) The Central District of California. (17) The Eastern District of California and the Northern District of Cal

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 101 — Definitions

In this title the following definitions shall apply: (1) The term “accountant” means accountant authorized under applicable law to practice public accounting, and includes professional accounting association, corporation, or partnership, if so authorized. (2) The term “affiliate” means— (A) entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (B) corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor, or by an entity that directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than an entity that holds such securities— (i) in a fiduciary or agency capacity without sole discretionary power to vote such securities; or (ii) solely to secure a debt, if such entity has not in fact exercised such power to vote; (C) person whose business is operated under a lease or operating agreement by a debtor, or person substantially all of whose property is operated under an operating agreement with the debtor; or (D) entity that operates the business or substantially all of the property of the debtor under a lease or operating agreement. (3) The term “assisted person” means any person whose debts consist primarily of consumer debts and the value of whose nonexempt property is less than $150,000.11 See Adjustment of Dollar Amounts not

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 1103 — Powers and duties of committees

**(a)** At a scheduled meeting of a committee appointed under [section 1102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1102&num=0&edition=prelim), at which a majority of the members of such committee are present, and with the court’s approval, such committee may select and authorize the employment by such committee of one or more attorneys, accountants, or other agents, to represent or perform services for such committee. **(b)** An attorney or accountant employed to represent a committee appointed under [section 1102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1102&num=0&edition=prelim) may not, while employed by such committee, represent any other entity having an adverse interest in connection with the case. Representation of one or more creditors of the same class as represented by the committee shall not per se constitute the representation of an adverse interest. **(c)** A committee appointed under [section 1102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1102&num=0&edition=prelim) may— (1) consult with the trustee or debtor in possession concerning the administration of the case; (2) investigate the acts, conduct, assets, liabilities, and financial condition of the debtor, the operation of the debtor’s business and the desirability of the continuance of such business, and any other matter relevant to the case or to the formulation of a plan; (3) participate in the formulation of a plan, advise those represented by such committee of such committee’s determinations as to any plan formulated, and collect and file with the court acceptances or rejections of a plan; (4) request the appointment of a trustee or examiner unde

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 328 — Limitation on compensation of professional persons

**(a)** The trustee, or a committee appointed under [section 1102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1102&num=0&edition=prelim), with the court’s approval, may employ or authorize the employment of a professional person under section 327 or 1103 of this title, as the case may be, on any reasonable terms and conditions of employment, including on a retainer, on an hourly basis, on a fixed or percentage fee basis, or on a contingent fee basis. Notwithstanding such terms and conditions, the court may allow compensation different from the compensation provided under such terms and conditions after the conclusion of such employment, if such terms and conditions prove to have been improvident in light of developments not capable of being anticipated at the time of the fixing of such terms and conditions. **(b)** If the court has authorized a trustee to serve as an attorney or accountant for the estate under [section 327(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section327/d&num=0&edition=prelim), the court may allow compensation for the trustee’s services as such attorney or accountant only to the extent that the trustee performed services as attorney or accountant for the estate and not for performance of any of the trustee’s duties that are generally performed by a trustee without the assistance of an attorney or accountant for the estate. **(c)** Except as provided in section 327(c), 327(e), or 1107(b) of this title, the court may deny allowance of compensation for services and reimbursement of expenses of a professional person employed under section 327 or 1103 of this title if, at any time during such professional person’s employment under section 327 or 1103 of this ti

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 503 — Allowance of administrative expenses

**(a)** An entity may timely file a request for payment of an administrative expense, or may tardily file such request if permitted by the court for cause. **(b)** After notice and a hearing, there shall be allowed administrative expenses, other than claims allowed under [section 502(f) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section502/f&num=0&edition=prelim), including— (1) (A) the actual, necessary costs and expenses of preserving the estate including— (i) wages, salaries, and commissions for services rendered after the commencement of the case; and (ii) wages and benefits awarded pursuant to a judicial proceeding or a proceeding of the National Labor Relations Board as back pay attributable to any period of time occurring after commencement of the case under this title, as a result of a violation of Federal or State law by the debtor, without regard to the time of the occurrence of unlawful conduct on which such award is based or to whether any services were rendered, if the court determines that payment of wages and benefits by reason of the operation of this clause will not substantially increase the probability of layoff or termination of current employees, or of nonpayment of domestic support obligations, during the case under this title; (B) any tax— (i) incurred by the estate, whether secured or unsecured, including property taxes for which liability is in rem, in personam, or both, except a tax of a kind specified in [section 507(a)(8) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section507/a/8&num=0&edition=prelim); or (ii) attributable to an excessive allowance of a tentative carryback adjustment that the estate received, whether the taxable year t

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Federal law — U.S. Code and appendices · legal_authorities

11 U.S.C. § 1102 — Creditors’ and equity security holders’

Page 239 TITLE 11—BANKRUPTCY § 1102 SUBCHAPTER I—OFFICERS AND ADMINISTRATION § 1101. Definitions for this chapter In this chapter— (1) ‘‘debtor in possession’’ means debtor ex- cept when a person that has qualified under section 322 of this title is serving as trustee in the case; (2) ‘‘substantial consummation’’ means— (A) transfer of all or substantially all of the property proposed by the plan to be transferred; (B) assumption by the debtor or by the successor to the debtor under the plan of the business or of the management of all or sub- stantially all of the property dealt with by the plan; and (C) commencement of distribution under the plan. (Pub. L. 95–598, Nov. 6, 1978, 92 Stat. 2626.) HISTORICAL AND REVISION NOTES SENATE REPORT NO. 95–989 This section contains definitions of three terms that are used in chapter 11. Paragraph (1) defines debtor in possession to mean the debtor, except when a trustee who has qualified in serving in the case. Paragraph (2), derived from section 229a of current law [section 629(a) of former title 11], defines substan- tial consummation. Substantial consummation of a plan occurs when transfer of all or substantially all of the property proposed by the plan to be transferred is actually transferred; when the debtor (or its successor) has assumed the business of the debtor or the manage- ment of all or substantially all of the property dealt with by the plan; and when distribution under the plan has commenced. Paragraph (3) defines for purposes of Chapter 11 a public company to mean ‘‘a debtor who, within 12 months prior to the filing of a petition for relief under this chapter, had outstanding liabilities of $5 million or more, exclusive of liabilities for goods, services, or taxes and not less than

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