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

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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Source file: Laws/federal/codes/united-states-code/title-11/section-1103-powers-and-duties-of-committees--b05917cc12.md
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Source location: Title 11, Chapter 11, § 1103; chapter-011-reorganization.md

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

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

**(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 committe

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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. § 1104 — Appointment of trustee or examiner

**(a)** At any time after the commencement of the case but before confirmation of a plan, on request of a party in interest or the United States trustee, and after notice and a hearing, the court shall order the appointment of a trustee— (1) for cause, including fraud, dishonesty, incompetence, or gross mismanagement of the affairs of the debtor by current management, either before or after the commencement of the case, or similar cause, but not including the number of holders of securities of the debtor or the amount of assets or liabilities of the debtor; or (2) if such appointment is in the interests of creditors, any equity security holders, and other interests of the estate, without regard to the number of holders of securities of the debtor or the amount of assets or liabilities of the debtor. **(b)** (1) Except as provided in [section 1163 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1163&num=0&edition=prelim), on the request of a party in interest made not later than 30 days after the court orders the appointment of a trustee under subsection (a), the United States trustee shall convene a meeting of creditors for the purpose of electing one disinterested person to serve as trustee in the case. The election of a trustee shall be conducted in the manner provided in subsections (a), (b), and (c) of [section 702 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section702&num=0&edition=prelim). (2) (A) If an eligible, disinterested trustee is elected at a meeting of creditors under paragraph (1), the United States trustee shall file a report certifying that election. (B) Upon the filing of a report under subparagraph (A)— (i) the trustee elected under paragraph (1) shall

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

48 U.S.C. § 2194 — Compensation of professionals

**(a) Compensation for services rendered and reimbursement for expenses** After notice to the parties in interest and the United States Trustee and a hearing, the court may award to a professional person employed by the debtor (in the debtor’s sole discretion), the Oversight Board (in the Oversight Board’s sole discretion), a committee under [section 1103 of title 11](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1103&num=0&edition=prelim), or a trustee appointed by the court under [section 926 of title 11](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section926&num=0&edition=prelim)— (1) reasonable compensation for actual, necessary services rendered by the professional person, or attorney and by any paraprofessional person employed by any such person; and (2) reimbursement for actual, necessary expenses. **(b) Award of compensation less than amount requested** The court may, on its own motion or on the motion of the United States Trustee or any other party in interest, award compensation that is less than the amount of compensation that is requested. **(c) Factors considered** In determining the amount of reasonable compensation to be awarded to a professional person, the court shall consider the nature, the extent, and the value of such services, taking into account all relevant factors, including— (1) the time spent on such services; (2) the rates charged for such services; (3) whether the services were necessary to the administration of, or beneficial at the time at which the service was rendered toward the completion of, a case under this chapter; 11 See References in Text note below. (4) whether the services were performed within a reasonable amount of time commensurate with the complexity, importance,

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

48 U.S.C. § 2195 — Interim compensation

A debtor’s attorney, or any professional person employed by the debtor (in the debtor’s sole discretion), the Oversight Board (in the Oversight Board’s sole discretion), a committee under [section 1103 of title 11](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section1103&num=0&edition=prelim), or a trustee appointed by the court under [section 926 of title 11](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title11-section926&num=0&edition=prelim), may apply to the court not more than once every 120 days after an order for relief in a case under this subchapter, or more often if the court permits, for such compensation for services rendered before the date of such an application or reimbursement for expenses incurred before such date as is provided under [section 2176 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title48-section2176&num=0&edition=prelim).

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

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

Page 240 TITLE 11—BANKRUPTCY § 1103 have responsibility to administer the estate and to for- mulate a plan as provided in section 1106(a). There is no need for the election or appointment of committees for which the appointment of a trustee is mandatory. In the case of a public company there are likely to be several committees, each representing a different class of security holders and seeking author- ity to retain accountants, lawyers, and other experts, who will expect to be paid. If in the case of a public company creditors or stockholders wish to organize committees, they may do so, as authorized under sec- tion 1109(a). Compensation and reimbursement will be allowed for contributions to the reorganization pursu- ant to section 503(b) (3) and (4). HOUSE REPORT NO. 95–595 This section provides for the appointment of credi- tors’ and equity security holders’ committees, which will be the primary negotiating bodies for the formula- tion of the plan of reorganization. They will represent the various classes of creditors and equity security holders from which they are selected. They will also provide supervision of the debtor in possession and of the trustee, and will protect their constituents’ inter- ests. Subsection (a) requires the court to appoint at least one committee. That committee is to be composed of creditors holding unsecured claims. The court is au- thorized to appoint such additional committees as are necessary to assure adequate representation of credi- tors and equity security holders. The provision will be relied upon in cases in which the debtor proposes to af- fect several classes of debt or equity holders under the plan, and in which they need representation. Subsection (b) contains precatory language directing the court to ap

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