Public Law 117-82 passed January 20, 2022
Puerto Rico Recovery Accuracy in Disclosure Act of 2021 also known as PRRADA
This is for professional persons seeking compensation under PROMESA.
PROMESA- Puerto Rico Oversight Management and Economic Stability Act
List of Material Interested Parties definition -
Oversight Board definition-
Under PROMESA- NO attorney, accountant, appraiser, auctioneer, agent or other professional person may be compensated under this ACT. UNLESS a prior request was made by the professional person filing with the court with a verified statement confirming disclosure requirements under the Federal Rules of Bankruptcy Procedure connecting the professional person on the List of Material Interested Parties.
If a professional person fails to file or update a statement required by the court and does not represent good faith effort to comply they must disclose such failure to the Federal Rules of Bankruptcy Procedure.
30 days after the date of enactment of this Act.
Overight Board shall establish a List of Material Interested Parties
:: the approval of the court and the right of the Unites States trustee or any party heard on the approval.
List of Material Interested Parties shall INCLUDE
:: debtor, creditor, other party in interest, attorney or accountant of the debtor, creditor or other party in interest, the United States trustee and any person employed in the office of the Unites States trustee, the Oversight Board including members and the Executive Director and employees of the Oversight Board.
List of Material Interested Parties shall EXCLUDE
:: any person with a claim below the amount of which is below a threshold dollar amount established by this Act.
Limitation of compensation under PROMESA, the cost may be denied allowance if the professional person failed to file the verified disclosure statement required or during the professional persons employment is a disinterested person on the List of Material Interested Parties or holds an adverse interest in connection with the case.