[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1192 Engrossed Amendment Senate (EAS)]
<DOC>
In the Senate of the United States,
December 18 (legislative day, December 17), 2021.
Resolved, That the bill from the House of Representatives (H.R.
1192) entitled ``An Act to impose requirements on the payment of
compensation to professional persons employed in voluntary cases
commenced under title III of the Puerto Rico Oversight Management and
Economic Stability Act (commonly known as `PROMESA').'', do pass with
the following
AMENDMENT:
Strike out all after the enacting clause and insert:
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Puerto Rico Recovery Accuracy in
Disclosures Act of 2021'' or ``PRRADA''.
SEC. 2. DISCLOSURE BY PROFESSIONAL PERSONS SEEKING APPROVAL OF
COMPENSATION UNDER SECTION 316 OR 317 OF PROMESA.
(a) Definitions.--In this section:
(1) List of material interested parties.--The term ``List
of Material Interested Parties'' means the List of Material
Interested Parties established under subsection (c)(1).
(2) Oversight board.--The term ``Oversight Board'' has the
meaning given the term in section 5 of PROMESA (48 U.S.C.
2104).
(b) Required Disclosure.--
(1) In general.--In a case commenced under section 304 of
PROMESA (48 U.S.C. 2164), no attorney, accountant, appraiser,
auctioneer, agent, or other professional person may be
compensated under section 316 or 317 of that Act (48 U.S.C.
2176, 2177) unless prior to making a request for compensation,
the professional person has filed with the court a verified
statement conforming to the disclosure requirements of rule
2014(a) of the Federal Rules of Bankruptcy Procedure setting
forth the connection of the professional person with any entity
or person on the List of Material Interested Parties.
(2) Supplement.--A professional person that submits a
statement under paragraph (1) shall promptly supplement the
statement with any additional relevant information that becomes
known to the person.
(3) Disclosure.--Subject to any other applicable law, rule,
or regulation, a professional person that fails to file or
update a statement required under paragraph (1) or files a
statement that the court determines does not represent a good
faith effort to comply with this section shall disclose such
failure in any filing required to conform to the disclosure
requirements under rule 2014(a) of the Federal Rules of
Bankruptcy Procedure.
(c) List of Material Interested Parties.--
(1) Preparation.--Not later than 30 days after the date of
enactment of this Act, the Oversight Board shall establish a
List of Material Interested Parties subject to--
(A) the approval of the court; and
(B) the right of the United States trustee or any
party in interest to be heard on the approval.
(2) Inclusions.--Except as provided in paragraph (3), the
List of Material Interested Parties shall include--
(A) the debtor;
(B) any creditor;
(C) any other party in interest;
(D) any attorney or accountant of--
(i) the debtor;
(ii) any creditor; or
(iii) any other party in interest;
(E) the United States trustee and any person
employed in the office of the United States trustee;
and
(F) the Oversight Board, including the members, the
Executive Director, and the employees of the Oversight
Board.
(3) Exclusions.--The List of Material Interested Parties
may not include any person with a claim, the amount of which is
below a threshold dollar amount established by the court that
is consistent with the purpose of this Act.
(d) Review.--
(1) In general.--The United States trustee shall review
each verified statement submitted pursuant to subsection (b)
and may file with the court comments on such verified
statements before the professionals filing such statements seek
compensation under section 316 or 317 of PROMESA (48 U.S.C.
2176, 2177).
(2) Objection.--The United States trustee may object to
applications filed under section 316 or 317 of PROMESA (48
U.S.C. 2176, 2177) that fail to satisfy the requirements of
subsection (b).
(e) Limitation on Compensation.--In a case commenced under section
304 of PROMESA (48 U.S.C. 2164), in connection with the review and
approval of professional compensation under section 316 or 317 of
PROMESA (48 U.S.C. 2176, 2177) filed after the date of enactment of
this Act, the court may deny allowance of compensation or reimbursement
of expenses if--
(1) the professional person has failed to file the verified
disclosure statements required under subsection (b)(1) or has
filed inadequate disclosure statements under that subsection;
or
(2) during the professional person's employment in
connection with the case, the professional person--
(A) is not a disinterested person (as defined in
section 101 of title 11, United States Code) relative
to any entity or person on the List of Material
Interested Parties; or
(B) represents or holds an adverse interest in
connection with the case.
Attest:
Secretary.
117th CONGRESS
1st Session
H.R. 1192
_______________________________________________________________________
AMENDMENT