Page 35 - Bankruptcy Volume 1

 The rates charged for such services

 Whether the services were necessary to the administration of the bankruptcy estate or beneficial
to the completion of a case under this title at the time when the service was rendered

 Whether the services were performed within a reasonable amount of time commensurate with the
complexity, importance and nature of the problem, issue, or task addressed

 With respect to a professional person, whether the person is board certified or otherwise has
demonstrated skill and experience in the bankruptcy field

 Whether the compensation is reasonable based on the customary compensation charged by com-
parably skilled practitioners in cases other than cases under this title

The guidelines suggest that a narrative summary be included, which allows the application to be re-
viewed without locating other documents. At a minimum, the narrative summary should include the fol-
lowing:

 Background information indicating the date the petition was filed

 Information related to the retention of the accountant or financial adviser

 The status of the case, including the current status of the debtor

 A description of the projects or tasks fn 4 for which compensation and reimbursement are sought
fn 5

 Any information that would allow a reviewer to determine the benefit and timeliness of the ser-
vice

 The satisfaction of other evaluation standards and requirements under Section 330(a) of the
Bankruptcy Code

 Certification that appropriate parties, including the debtor (trustee) or official committee have
approved the application

 Descriptions of the expenses for which reimbursement is requested fn 6

fn 4 All time entries should be arranged by project categories. Suggested project categories for accountants and financial advisers are
contained in appendix B, exhibit A; different or additional categories may be used, as appropriate.

fn 5 Each project or task description should contain a narrative summary of the project, including the status of the project and its ne-
cessity and benefit to the estate, and should list the number of hours spent and the amount of compensation requested for each profes-
sional and paraprofessional on the project. Supporting detailed descriptions of services rendered in increments of one-tenth of an hour
are generally required, unless otherwise authorized by the court. Time must be documented contemporaneously with the performance
of the tasks and organized functionally and by project category to support the narrative description provided elsewhere in the fee ap-
plication.

© 2020 Association of International Certified Professional Accountants 33