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Getting Fees Paid by the Chapter 11 Estate Without Proving Substantial Contribution?
Bankruptcy Code ' 503(b) provides that the allowed administrative expenses of a bankruptcy estate shall include fees and expenses incurred by creditors, indenture trustees and certain non-estate-retained professionals who make a “substantial contribution” in a Chapter 9 or Chapter 11 case. This is certainly the most often used provision under which such compensation is sought, but is it the exclusive method for such payment?
Despite vociferous objections from the United States Trustee (the UST) in the Southern District of New York, courts have recognized an alternative method for obtaining payment from the debtor's estate of certain fees. As opposed to the more onerous “substantial contribution” test of ' 503(b), you may be awarded fees under a plan subject only to a “reasonableness” test set forth in Bankruptcy Code ' 1129(a)(4). Indeed, courts have concluded that Bankruptcy Code ” 503(b) and 1129(a)(4) provide alternative methods for obtaining such relief and are not mutually exclusive.
The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
The DOJ's New Parameters for Evaluating Corporate Compliance Programs
The parameters set forth in the DOJ's memorandum have implications not only for the government's evaluation of compliance programs in the context of criminal charging decisions, but also for how defense counsel structure their conference-room advocacy seeking declinations or lesser sanctions in both criminal and civil investigations.
Use of Deferred Prosecution Agreements In White Collar Investigations
This article discusses the practical and policy reasons for the use of DPAs and NPAs in white-collar criminal investigations, and considers the NDAA's new reporting provision and its relationship with other efforts to enhance transparency in DOJ decision-making.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
A Lawyer's System for Active Reading
Active reading comprises many daily tasks lawyers engage in, including highlighting, annotating, note taking, comparing and searching texts. It demands more than flipping or turning pages.