Selection, Role and Utilization of Professionals

• Jurisdiction: United States

Selection, Role and Utilization of Professionals Types of Professionals

The committee has the power to engage such professionals as it might need in performing its duties. The cost of such professionals will be paid by the debtor's estate as an administrative expense, with the court's approval. In virtually all cases, the committee will select an attorney and often will also hire an accountant or other financial advisor. In appropriate cases, the committee may also seek to hire business consultants, appraisers, brokers, engineers, investment bankers and others. In larger cases, the committee may employ a secretary to perform many of the administrative functions (i.e., preparing minutes of meetings and disseminating information) that would otherwise fall on the committee chair or counsel.

How to Select a Professional

The process for the selection of professionals will depend on the type of professional to be employed, the contemplated use of the professional and the needs of the case. Very often, the professional is chosen through an interview process that some refer to as a "beauty contest" Each of the participants makes a short...