Bankruptcy courts may appoint a fee examiner to monitor the fees paid to the professionals for the bankruptcy cases.
The costs for the bankruptcy case and its administration are considered priority payments and are paid before any creditors, debtors or any other party. It is important that the administration of the bankruptcy case be done as efficiently, fairly and expeditiously as possible to lower the administrative costs and provide better results for the Creditors.
The Bankruptcy Code under 11 U.S.C. § 1104(c) allows the court to appoint an examiner to investigate and report on certain aspects of a Chapter 11 Bankruptcy case, for example, a potential fraudulent transfer or a particularly complicated claims estimation.
More Help on Fee Examiner
- Chapter 11 Bankruptcy - Unlike Chapter 7 Bankruptcy which liquidates the debtors non-exempt assets, Chapter 11 Bankruptcy allows the Debtor (which is generally a corporation or partnership) to restructure their debt obligations and continue to operate their business (although the business is supervised by the bankruptcy court and should be managed and operated for the benefit of the creditors). - read more
- Creditor - Creditors can include businesses, individuals, organizations or the United State\'s government who is owed money for services or products provided to a second party in return for payment. - read more
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