Committee Powers and Duties
| Jurisdiction | United States |
The committee is the watchdog for the unsecured creditors' interests, protecting the rights of all unsecured creditors. It acts as a check-and-balance system against the exercise of unrestrained discretion of the debtor. It can form alliances with the debtor to realize value from the secured creditors. It can form alliances with the secured creditors to maximize recoveries from the debtor. It can act independently. Under some circumstances, it can control the flow of a case. On the other hand, if its powers are not utilized effectively, it could be of no value to the unsecured creditors it is supposed to represent. Ultimately...
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