Although Chapter 11 of the Bankruptcy Code allows existing management of a debtor to remain in control of its business, it imposes several oversight mechanisms to help ensure the integrity of the process.
Third Circuit: Bankruptcy Code Mandates Appointment of Examiner In Chapter 11 Cases
The Third Circuit recently held in 'In re FTX Trading' that the plain text of Section 1104(c)(2) mandates the appointment of an examiner under the specified conditions set forth. As a result, the FTX decision will carry significant implications for large and medium-sized bankruptcy cases.
By
Francis J. Lawall and 
Brenden S. Dahrouge
Brenden S. Dahrouge
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