Professionals retained in a bankruptcy case by a trustee, a Chapter 11 debtor-in-possession (DIP) or an official committee may be awarded “reasonable compensation” for “actual, necessary services” performed on behalf of their clients under section 330 of the Bankruptcy Code.
Fifth Circuit Jettisons <i>Pro-Snax</i> 'Material Benefit' Standard for Bankruptcy Professional Compensation
The Fifth Circuit recently issued a ruling that changes compensation for professional services in bankruptcy: In <I>Pro-Snax</I>, the court had ruled that, to be compensable under section 330, services must result in "an identifiable, tangible, and material benefit to the bankruptcy estate." Now that has changes.
By
Alex M. Sher And Mark G. DouglasThis premium content is locked for The Bankruptcy Strategist subscribers only
ENJOY UNLIMITED ACCESS TO THE SINGLE SOURCE OF OBJECTIVE LEGAL ANALYSIS, PRACTICAL INSIGHTS, AND NEWS IN The Bankruptcy Strategist
- Stay current on the latest information, rulings, regulations, and trends
- Includes practical, must-have information on copyrights, royalties, AI, and more
- Tap into expert guidance from top entertainment lawyers and experts
Already have an account? Sign In Now
For enterprise-wide or corporate access, please contact Customer Service at [email protected] or call 1-877-256-2473.
