Los Angeles Bankruptcy Attorney, Bankruptcy Lawyer, Bankruptcy Code 11 USC Section 705

TITLE 11 - BANKRUPTCY
CHAPTER 7 - LIQUIDATION
    SUBCHAPTER I - OFFICERS AND ADMINISTRATION

-HEAD-
    Sec. 705. Creditors' committee

-STATUTE-
      (a) At the meeting under section 341(a) of this title, creditors
    that may vote for a trustee under section 702(a) of this title may
    elect a committee of not fewer than three, and not more than
    eleven, creditors, each of whom holds an allowable unsecured claim
    of a kind entitled to distribution under section 726(a)(2) of this
    title.
      (b) A committee elected under subsection (a) of this section may
    consult with the trustee or the United States trustee in connection
    with the administration of the estate, make recommendations to the
    trustee or the United States trustee respecting the performance of
    the trustee's duties, and submit to the court or the United States
    trustee any question affecting the administration of the estate.

-SOURCE-
    (Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2605; Pub. L. 99-554, title
    II, Sec. 218, Oct. 27, 1986, 100 Stat. 3100.)


                       HISTORICAL AND REVISION NOTES                   

                          LEGISLATIVE STATEMENTS                      
      Section 705(a) of the House amendment adopts a provision
    contained in the Senate amendment that limits a committee of
    creditors to not more than 11; the House bill contained no maximum
    limitation.

                         SENATE REPORT NO. 95-989                     
      This section is derived from section 44b of the Bankruptcy Act
    [section 72(b) of former title 11] without substantial change. It
    permits election by general unsecured creditors of a committee of
    not fewer than 3 members and not more than 11 members to consult
    with the trustee in connection with the administration of the
    estate, to make recommendations to the trustee respecting the
    performance of his duties, and to submit to the court any question
    affecting the administration of the estate. There is no provision
    for compensation or reimbursement of its counsel.

                                AMENDMENTS                            
      1986 - Subsec. (b). Pub. L. 99-554 inserted "or the United States
    trustee" in three places.

                     EFFECTIVE DATE OF 1986 AMENDMENT                 
      Effective date and applicability of amendment by Pub. L. 99-554
    dependent upon the judicial district involved, see section 302(d),
    (e) of Pub. L. 99-554, set out as a note under section 581 of Title
    28, Judiciary and Judicial Procedure.

-End-
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