Perspective
Feb. 18, 2011
Professional Compensation in Bankruptcy: Standards and When and How to Object
Challenging the excessive compensation paid to professionals in large bankruptcies - the discussion continues. By William E. Ireland of Haight, Brown & Bonesteel.
There are many instances in which creditors can challenge fee applications. First, they can be challenged under a reasonableness standard. For instance, creditors can challenge an application if the relationship between the professional and the debtor began before the filing of the bankruptcy petition and the existing fee arrangement is not reasonable considering the changed circumstances. Some estates include pre-petition retainers for the ...
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