District of Columbia § 42-1654 Engagement and compensation of professional.

District of Columbia Statutes

§ 42-1654 — Engagement and compensation of professional.

District of Columbia·Title 42 Real Property.·Ch. 16B Uniform Commercial Real Estate Receivership.

(a)With the Superior Court's approval, a receiver may engage an attorney, accountant, appraiser, auctioneer, broker, or other professional to assist the receiver in performing a duty or exercising a power of the receiver. The receiver shall disclose to the Superior Court:

(1)The identity and qualifications of the professional;

(2)The scope and nature of the proposed engagement;

(3)Any potential conflict of interest; and

(4)The proposed compensation.

(b)A person is not disqualified from engagement under this section solely because of the person's engagement by, representation of, or other relationship with the receiver, a creditor, or a party. This chapter does not prevent the receiver from serving in the receivership as an attorney, accountant, auctioneer, or broker when

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(a) With the Superior Court's approval, a receiver may engage an attorney, accountant, appraiser, auctioneer, broker, or other professional to assist the receiver in performing a duty or exercising a power of the receiver. The receiver shall disclose to the Superior Court:

(1) The identity and qualifications of the professional;

(2) The scope and nature of the proposed engagement;

(3) Any potential conflict of interest; and

(4) The proposed compensation.

(b) A person is not disqualified from engagement under this section solely because of the person's engagement by, representation of, or other relationship with the receiver, a creditor, or a party. This chapter does not prevent the receiver from serving in the receivership as an attorney, accountant, auctioneer, or broker when authorized by law.

(c) A receiver or professional engaged under subsection (a) of this section shall file with the Superior Court an itemized statement of the time spent, work performed, and billing rate of each person that performed the work and an itemized list of expenses. The receiver shall pay the amount approved by the Superior Court.

District of Columbia § 42-1654 (Engagement and compensation of professional.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.