Retainer agreements should also outline the responsibilities of the lawyer and client. For example, it is the client`s responsibility to provide the lawyer with the necessary documents to prepare and file for bankruptcy. It is the lawyer`s responsibility to prepare the petition and respond to the client`s questions and concerns. Make sure the lawyer will represent you at the 341 creditors` meeting. Incentives to recover asset transfers or preferential payments to shareholders or their relatives are theoretically low when the professionals responsible for investigating and prosecuting these transfers on behalf of the company actually work for those who have made and benefited from such transfers. Even if the source of payment from a professional custodian is not the corporation, the bankruptcy court wants to know whether the person sought to represent the debtor is disinterested. The fact that the original liquidator was paid by the client`s mother. A conservation contract is a legal services contract signed by you and your lawyer. The purpose of the agreement is to recall in writing the terms of the lawyer`s representation in your bankruptcy case. In Angelika Films, 57th, Judge Arthur Gonzalez; the American agent had been to Leslie Faye; refused any compensation to the debtor`s lawyer and demanded that the company withdraw its agent from the pre-petition. Detention was initially permitted, although the company represented the debtor`s client at the same time in a marital action, the client having paid his personal debt prior to the execution of the withholding order. This is in line with decisions that allow dual representation in very small companies, for which the maintenance of separate legal assistance would be harsh.
Fees and fees At least the retainer must include legal fees and a projection of the bankruptcy costs you must pay. (Lawyer`s fees are paid to the lawyer himself and insolvency costs are paid directly to the court).)