Professional appointment in liquidation requires committee approval, conflict screening, and disclosure of stakeholder relationships. A liquidator may appoint professionals, with the approval of the committee, to assist in discharge of duties for reasonable remuneration, which forms part of the liquidation cost. The liquidator cannot appoint a relative, a related party of the corporate debtor, or a person who served as auditor within the preceding five years. The professional must disclose any pecuniary or personal relationship with stakeholders or the corporate debtor as soon as it becomes known.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Professional appointment in liquidation requires committee approval, conflict screening, and disclosure of stakeholder relationships.
A liquidator may appoint professionals, with the approval of the committee, to assist in discharge of duties for reasonable remuneration, which forms part of the liquidation cost. The liquidator cannot appoint a relative, a related party of the corporate debtor, or a person who served as auditor within the preceding five years. The professional must disclose any pecuniary or personal relationship with stakeholders or the corporate debtor as soon as it becomes known.
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