Sec. 8. Disclosure by professional persons employed by court order
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Title III of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2101 et seq.) is amended by adding at the end the following: In a voluntary case commenced under section 304, an attorney, accountant, appraiser, auctioneer, agent, consultant, or other professional person may not be compensated under section 316 unless, before making a request for compensation, such a professional person submitted a verified statement conforming to the disclosure requirements of rule 2014(a) of the Federal Rules of Bankruptcy Procedure setting forth the professional person’s connections with— the debt, creditors, any other parties in interest; the attorneys and accountants of any person or entity listed pursuant to paragraph (1); an Oversight Board; any person employed by an Oversight Board; and information on the identity of each entity or person with whom such professional person has a connection.
A professional person referred to in subsection
(a)shall be required to— supplement such verified statement as additional relevant information becomes known to such person; and annually file a notice confirming the accuracy of such statement. The United States Trustee— shall review each verified statement submitted pursuant to subsection (a); may file with the court comments on such verified statements before the professionals filing such statements seek compensation under section 316; and may object to any compensation application filed under section 316 that fails to satisfy the requirements of subsection (d). A person having standing under section 1109 of title 11, United States Code, shall also have standing under this section. The district court shall have jurisdiction to adjudicate all matters arising under this section. If, on the date of the enactment of this section, a court has entered orders approving compensation under cases commenced under section 304, each professional person previously awarded compensation shall file a verified statement in accordance with subsection
(a)not later than 30 days after such person’s first request for compensation under section 316 occurring after the date of the enactment of this section. The court may not delay any proceeding in connection with a case commenced under section 304 pending the filing of a verified statement under this subsection. In a voluntary case commenced under section 304, in connection with the review and approval of professional compensation under section 316, the court may deny allowance of compensation for services and reimbursement of expenses accruing after the date of the enactment of this section to a professional person if such professional person— failed to file statements of connections required by subsection
(a)or filed inadequate statements of connections; is at any time during such professional person’s employment in such case not a disinterested person as defined in section 101(14) of title 11, United States Code; or represents, or holds an interest adverse to, the interest of the estate with respect to the matter on which such professional person is employed, except that the qualification standards for committee professionals shall be those set forth in section 1103(b) of title 11, United States Code. . The table of contents of the Puerto Rico Oversight, Management, and Economic Stability Act ( 48 U.S.C. 2101 et seq.) is amended by inserting after the item relating to section 317 the following: Sec. 318. Disclosure by professional persons employed by court order. .
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Sec. 8
Disclosure by professional persons employed by court order
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