S.Amdt. 109

1. Adds SEC. 1236. MANAGEMENT OF BUSINESS DEBTORS on page 473, between lines 9 and 10

   Adds a sectionPrinted page

   Inserted: SEC. 1236. MANAGEMENT OF BUSINESS DEBTORS.

   Inserted: (a) In General.--Chapter 3 of title 11, United States Code, is amended--

   Inserted: (1) in section 321(a), by striking "7, 12," each place it appears and inserting "12";

   Inserted: (2) in section 326--

   Inserted: (A) in subsection (a), by striking "disbursed or turned over" and inserting "disbursed, turned over, or, solely for the purposes of section 331, held for disbursement or turnover"; and

   Inserted: (B) in subsection (c), by striking "(c)" and all that follows through "in the case,", and inserting the following:

   Inserted: "(c) If more than 1 person serves as trustee in the case--

   Inserted: "(1) the compensation of each such person shall be determined without regard to subsection (a) or (b); and

   Inserted: "(2)";

   Inserted: (3) in section 327(d), by striking "as attorney or accountant" and inserting "in any professional capacity";

   Inserted: (4) in section 328--

   Inserted: (A) in subsection (a)--

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   Inserted: (i) by striking "or on a contingent fee basis" and inserting ", on a fixed or percentage fee basis, or on a contingent fee basis and with indemnification and exculpation"; and

   Inserted: (ii) by striking "different from the compensation" and inserting ", indemnification, or exculpation different from the compensation, indemnification, or exculpation"; and

   Inserted: (B) in subsection (b), by striking "as attorney or accountant" and inserting "in any professional capacity";

   Inserted: (5) in section 347(a)--

   Inserted: (A) by striking "726, 1226, or 1326 of this title" and inserting "726, 1101, 1226, or 1326";

   Inserted: (B) by striking "7, 12, or 13 of this title" and inserting "7, 11, 12, or 13"; and

   Inserted: (C) by striking "into the court and disposed of under chapter 129 of title 28" and inserting "to the United States Trustee System Fund, established under section 589a of title 28"; and

   Inserted: (6) in section 362(h), by striking "individual" and inserting "entity".

   Inserted: (b) Chapter 11.--Chapter 11 of title 11, United States Code, is amended--

   Inserted: (1) in section 1107, by adding at the end the following:

   Inserted: "(c) The court, on request of a party in interest, and after notice and a hearing, may appoint an individual as the responsible person for the debtor in possession--

   Inserted: "(1) who shall manage and operate the affairs of the debtor (as defined by rule 9001(5) of the Federal Rules of Bankruptcy Procedure);

   Inserted: "(2) who shall not be required to be an officer or employee of the debtor;

   Inserted: "(3) who shall not be considered an insider of the debtor; and

   Inserted: "(4) whose designation shall not vitiate the liability of any other person chargeable under the law with the duties imposed upon the debtor under this title or by any other provision of law."; and

   Inserted: (2) in section 1114(d), by striking "shall appoint" and inserting "shall direct the United States trustee to appoint".

   Original wording

   On page 473, between lines 9 and 10, insert the following:

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As printed