The U.S. Trustee Program has announced that its proposals requiring extensive disclosure related to law firm fee requests would apply only to very large Chapter 11 bankruptcies.
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In narrowing the scope of cases to which the proposals would apply - to those with $50 million or more in assets and $50 million or more in liabilities as opposed to cases with a combined $50 million in assets and liabilities - the agency was responding to intense criticism from firms calling "burdensome" and "ethically unacceptable" the agency's new recommendations for attorneys' fee applications.
November 09, 2012 at 12:00 AM
1 minute read
The U.S. Trustee Program has announced that its proposals requiring extensive disclosure related to law firm fee requests would apply only to very large Chapter 11 bankruptcies.
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