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Creditor Representatives: The trustee should report to a governing committee representative of the beneficiaries of the liquidating trust. Generally, the governing committee is comprised of former members of the creditors' committee. All of the former creditors' committee members may not want to sit as creditor representatives to oversee the liquidation of the trust assets. Thus, reducing the number of creditor representatives overseeing the liquidating trust should save time and money because this will generally reduce the time it takes to deliberate and make decisions quickly and efficiently. Also, these creditor representatives will have valuable historical information about the bankruptcy case thereby eliminating the learning curve.
Role of Former Committee Counsel: Likewise, a liquidating trust should provide that absent a conflict, the liquidating trustee may be represented by former chapter 11 professionals previously engaged in the case. This will help control costs because it will allow trust professionals to take advantage of their historical and institutional knowledge and allow the liquidating trustee to hit the ground running.
Access to and Retention of Debtor's Key Employees: The liquidating trustee should be given the power and flexibility to retain the debtor's key employees to help preserve and liquidate
