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A question regarding Corporate Bankruptcy If an unadministered

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A question regarding Corporate Bankruptcy If...
A question regarding Corporate Bankruptcy

If an unadministered asset is located that should have been included in a corporate bankruptcy case, is the Trustee allowed to pay a finders fee for the information. If so, what is the specific rule of the bankruptcy code that allows that.
Submitted: 4 years ago.Category: Bankruptcy Law
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Answered in 7 minutes by:
3/12/2013
Bankruptcy Lawyer: WALLSTREETESQ, Attorney replied 4 years ago
WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17,252
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on

WALLSTREETESQ :

The bankruptcy code does allow this, but the fees are limited,

WALLSTREETESQ :
PROFESSIONAL AND TRUSTEE FEE APPLICATIONS

Pursuant to § 330, after notice and a hearing, and subject to §§ 326, 328, and 329, the court may award the trustee or a professional person employed pursuant to § 327 reasonable compensation for actual, necessary services. Section 330 also allows the recovery of actual, necessary expenses. Overhead expenses of a trustee or professional are not reimbursable from the estate.

Unless otherwise permitted by the court, the professional may make application forinterim compensation and reimbursement of expenses not more than once every 120 days. § 331. The trustee has a fiduciary obligation to review professional fee applications and to object when appropriate.

In determining the amount of reasonable compensation under § 330, the court considers the nature, extent and value of the professional's 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 the case, or beneficial at the time at which the service was rendered toward the completion of the case;

4. whether the services were performed within a reasonable amount of time commensurate with the complexity, importance, and nature of the problem, issue, or task addressed; and

5. whether the compensation is reasonable based on the customary compensation charged by comparably skilled practitioners in cases other than cases under Title 11.

Pursuant to FRBP 2016, each application for interim or final fees and expenses must include:

1. a detailed statement of services rendered, time expended, and expenses incurred;

2. a statement of the amount of fees and expenses requested;

3. a statement of payments received or promised for services rendered or to be rendered in any capacity in connection with the case;

4. a statement of the source of compensation paid or promised; and

5. a statement of whether an agreement or understanding exists for the sharing of compensation received or to be received.

Unless otherwise ordered by the court, all creditors and parties in interest must receive notice of all fee applications over $500.00.

Trustee compensation is governed by § 330, subject to the limitations imposed by § 326(a). The limits are set as percentages of all moneys disbursed or turned over in the case by the trustee to parties in interest, excluding the debtor, but including holders of secured claims. The trustee also receives a portion of the filing fee when administration of the case is complete.

In accordance with 28 U.S.C.§ 586(a)(3), as amended, the United States Trustee reviews professional and trustee fee applications in accordance with the procedural guidelines adopted by the Executive Office for United States Trustees. See 28 CFR Part 58 Appendix A. These fee guidelines are included in this Handbook at Appendix C. The

trustee should be familiar with the fee guidelines, which state, in part, that "[f]ee applications submitted by trustees are subject to the same standard of review as are applications of other professionals and will be evaluated according to the principles articulated in these Guidelines." The trustee should keep time records in every asset case. Local rules and practices sometimes provide that time records need not be submitted if the compensation request is under a specified amount.

A court order must be obtained prior to interim or final payments of trustee compensation. Generally, a trustee's application for interim compensation should be linked to an interim distribution to creditors. However, when a trustee is heavily engaged in the administration of a case over an extended period of time and the trustee is providing substantial services to the estate, those factors may present good cause for the trustee to seek interim compensation.

WALLSTREETESQ :

http://www.justice.gov/ust/eo/private_trustee/library/chapter07/docs/7handbook/7handbook.htm

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Customer reply replied 4 years ago


Its all distorted on the page. I will cut and paste it to word later today and get back to you Thank you

Bankruptcy Lawyer: WALLSTREETESQ, Attorney replied 4 years ago
ok, the above is from the bankruptcy trustee laws, and cites the code.
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WALLSTREETESQ
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Category: Bankruptcy Law
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