Arizona Laws 33-2614. Engagement and compensation of professional
A. With court approval, a receiver may engage an attorney, accountant, appraiser, auctioneer, broker or other professional to assist the receiver in performing a duty or exercising a power of the receiver. The receiver shall disclose to the court:
Terms Used In Arizona Laws 33-2614
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Court: means the superior court. See Arizona Laws 33-2601
- Person: means an individual, estate, business or nonprofit entity, public corporation, government or governmental subdivision, agency, or instrumentality, or other legal entity. See Arizona Laws 33-2601
- Receiver: means a person who is appointed by the court as the court's agent and, subject to the court's direction, to take possession of, manage, and, if authorized by this chapter or court order, transfer, sell, lease, license, exchange, collect or otherwise dispose of receivership property. See Arizona Laws 33-2601
- Receivership: means a proceeding in which a receiver is appointed. See Arizona Laws 33-2601
1. The identity and qualifications of the professional.
2. The scope and nature of the proposed engagement.
3. Any potential conflict of interest.
4. The proposed compensation.
B. A person is not disqualified from engagement under this section solely because of the person’s engagement by, representation of, or other relationship with the receiver, a creditor or a party. This chapter does not prevent the receiver from serving in the receivership as an attorney, accountant, auctioneer or broker when authorized by law.
C. A receiver or professional engaged under subsection A of this section shall file with the court an itemized statement of the time spent, work performed and billing rate of each person that performed the work and an itemized list of expenses. To the extent the receivership has sufficient assets, the receiver shall pay the amount approved by the court.