ABI’s National Ethics Task Force released its final report at ABI’s 31st Annual Spring Meeting. Task Force members discuss the recommendations and suggestions contained in the report on an ABI media teleconference.
Task Force reporter, Profs. Nancy B. Rapoport of the UNLV William S. Boyd School of Law (Las Vegas)
Task Force reporter, Lois R. Lupica of the University of Maine School of Law (Portland, Maine)
Task Force member, Edward T. Gavin of Gavin/Solmonese LLC (Wilmington, Del.)
Amy Quackenboss, Deputy Executive Director of the American Bankruptcy Institute
The ABI National Ethics Task Force released its final report at ABI’s 31st Annual Spring Meeting to provide recommendations for both consumer and business practitioners for uniform ethical standards in bankruptcy practice. Funded by ABI’s Anthony H.N. Schnelling Endowment Fund, the Task Force formulated a set of uniform ethical standards on a variety of bankruptcy-related matters, including use of conflicts counsel, employment of counsel and necessary disclosures, competency standards, and fiduciary duties of counsel for the debtor in possession (DIP).
The Task Force formed committees, surveyed bankruptcy professionals, academics and judges, and examined recent case law to focus on seven recommendations:
1. proposed amendments to Bankruptcy Rule 2014 governing the hiring of bankruptcy professionals, including greater disclosure provisions for conflicts and connections;
2. duties of counsel for a debtor in possession as fiduciary and responsibilities to the estate;
3. framework for pre-approval of terms for retention and compensation under 11 U.S.C. § 328 to provide efficiency and clarity to courts in bankruptcy professional employment applications;
4. use of conflicts counsel in business reorganization cases, especially in large or complicated cases that may present significant conflicts;
5. best practices for limited services representation in consumer bankruptcy cases;
6. competency for debtors’ counsel in business and consumer cases; and
7. report on best practices on creditors’ committee solicitation.
For a copy of the ABI Ethics Task Force Final Report, please click here: http://go.abi.org/FinalEthicsReport