Azusa Bankruptcy Attorney, Bankruptcy Lawyer, Bankruptcy Code 11 USC Section 1107

TITLE 11 - BANKRUPTCY
CHAPTER 11 - REORGANIZATION
    SUBCHAPTER I - OFFICERS AND ADMINISTRATION

-HEAD-
    Sec. 1107. Rights, powers, and duties of debtor in possession

-STATUTE-
      (a) Subject to any limitations on a trustee serving in a case
    under this chapter, and to such limitations or conditions as the
    court prescribes, a debtor in possession shall have all the rights,
    other than the right to compensation under section 330 of this
    title, and powers, and shall perform all the functions and duties,
    except the duties specified in sections 1106(a)(2), (3), and (4) of
    this title, of a trustee serving in a case under this chapter.
      (b) Notwithstanding section 327(a) of this title, a person is not
    disqualified for employment under section 327 of this title by a
    debtor in possession solely because of such person's employment by
    or representation of the debtor before the commencement of the
    case.

-SOURCE-
    (Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2628; Pub. L. 98-353, title
    III, Sec. 503, July 10, 1984, 98 Stat. 384.)


                       HISTORICAL AND REVISION NOTES                   

                          LEGISLATIVE STATEMENTS                      
      The House amendment adopts section 1107(b) of the Senate
    amendment which clarifies a point not covered by the House bill.

                         SENATE REPORT NO. 95-989                     
      This section places a debtor in possession in the shoes of a
    trustee in every way. The debtor is given the rights and powers of
    a chapter 11 trustee. He is required to perform the functions and
    duties of a chapter 11 trustee (except the investigative duties).
    He is also subject to any limitations on a chapter 11 trustee, and
    to such other limitations and conditions as the court prescribes
    cf. Wolf v. Weinstein, 372 U.S. 633, 649-650 (1963).

                                AMENDMENTS                            
      1984 - Subsec. (a). Pub. L. 98-353 substituted "on a trustee
    serving in a case" for "on a trustee".

                     EFFECTIVE DATE OF 1984 AMENDMENT                 
      Amendment by Pub. L. 98-353 effective with respect to cases filed
    90 days after July 10, 1984, see section 552(a) of Pub. L. 98-353,
    set out as a note under section 101 of this title.

-End-
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