This article was originally posted in the BBA Bankruptcy Law Section's Blog. Click here to read the original post.
The United States Trustee Program (USTP) has provided the following update on the proposed Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed Under 11 U.S.C. § 330 by Attorneys in Larger Chapter 11 Cases.
"On June 4, 2012, Director Cliff White conducted a public meeting to hear comments on the proposed Guidelines. Seven commentators, including those in private practice, academia, and professional associations, made statements and responded to questions from a panel of USTP officials. A full transcript of the meeting is available here.
The public meeting provided for a productive exchange of views and perspectives that will assist the USTP immeasurably as we develop the final Guidelines that will enhance attorney disclosures, compliance with statutory standards for the award of professional fees, and public confidence in the integrity of the bankruptcy process. Based on the useful information and opinions received at the public meeting and in the written comments, we are undertaking a thorough review of the comments and suggestions and expect to post revised draft Guidelines for an additional brief comment period within 60 days.
In the meantime, the Program will continue to consider any additional written comments that we may receive via email to USTP.Fee.Guidelines@usdoj.gov. (Written comments will be posted on the USTP’s Web site at http://www.justice.gov/ust/eo/rules_regulations/guidelines/proposed.htm in accordance with our Privacy Act Notice.)."