LAWDOG is intended to assist in the understanding of basic concepts. See Disclaimer.
Always obtain legal advice from legal professionals.
Under 11 U.S.C. Section 101, the term:
(14) ''disinterested
person'' means person that -
(A) is not a creditor, an equity security holder, or
an insider;
(B) is not and was not an investment banker for any
outstanding security of the debtor;
(C) has not been, within three years before the date
of the filing of the petition, an investment banker for a security of the debtor, or an
attorney for such an investment banker in connection with the offer, sale, or issuance of
a security of the debtor;
(D) is not and was not, within two years before the
date of the filing of the petition, a director, officer, or employee of the debtor or of
an investment banker specified in subparagraph (B) or (C) of this paragraph; and
(E) does not have an interest materially adverse to
the interest of the estate or of any class of creditors or equity security holders, by
reason of any direct or indirect relationship to, connection with, or interest in, the
debtor or an investment banker specified in subparagraph (B) or (C) of this paragraph, or
for any other reason;
Copyright
1996-2000 by LAWDOG.COM Publishing, Inc. All rights reserved.