Fiduciary Duties and Statutory Obligations of Professionals to the Debtor-in-Possession | Practical Law

Fiduciary Duties and Statutory Obligations of Professionals to the Debtor-in-Possession | Practical Law

This Practice Note describes the fiduciary duties and statutory obligations of court-approved professionals to a Chapter 11 debtor-in-possession (DIP).  Once a debtor files for Chapter 11 protection, it becomes the DIP with the rights and responsibilities of a trustee.  The debtor's professionals' duties and obligations also expand.

Fiduciary Duties and Statutory Obligations of Professionals to the Debtor-in-Possession

Practical Law Practice Note 6-616-6524 (Approx. 14 pages)

Fiduciary Duties and Statutory Obligations of Professionals to the Debtor-in-Possession

by Practical Law Bankruptcy & Restructuring
Maintained • USA (National/Federal)
This Practice Note describes the fiduciary duties and statutory obligations of court-approved professionals to a Chapter 11 debtor-in-possession (DIP). Once a debtor files for Chapter 11 protection, it becomes the DIP with the rights and responsibilities of a trustee. The debtor's professionals' duties and obligations also expand.