Creditors' Committee Formation and Operating Procedures

Summary

This practice note discusses the formation of a creditors' committee and the committee's operating procedures in Chapter 11 bankruptcy cases. Section 1102 of the Bankruptcy Code governs the formation and membership of the creditors' committee. Section 1102 provides for the U.S. Trustee to appoint the committee as soon as possible after the Chapter 11 filing. The committee's operating procedures are generally set forth in the committee's bylaws and in the information sharing protocols.