Illinois § 15

§ 15.

Engagement and compensation of professionals. (a) With court approval, a receiver may engage one or more attorneys, accountants, appraisers, auctioneers, brokers, or other professionals to assist the receiver in performing a duty or exercising a power of the receiver. The court may authorize the receiver's engagement of professionals on any reasonable terms and conditions of employment, including on a retainer, on an hourly basis, on a fixed or percentage fee basis, on a contingent fee basis or a combination of the foregoing. In connection with the proposed engagement of a professional, the receiver shall disclose to the court: (1) the identity and qualifications of the professional; (2) the scope and nature of the proposed engagement; (3) any potential conflict of interest; and (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 Act does not prevent the receiver from serving in the receivership as an attorney, accountant, appraiser, auctioneer, broker, or other professional when authorized by law. (c) Subject to any procedures that the court may impose, the receiver or professionals engaged by the receiver under subsection (a) may be paid reasonable compensation for their services on an interim basis in the same manner as other expenses of administration and without the necessity of court approval. (d) Except to the extent the fees and expenses of the receiver or professionals engaged by the receiver under subsection (a) have been approved by the court, any interim payments of fees and expenses shall be approved in connection with the receiver's final report as provided in Section 23. The receiver or professionals seeking court approval of their fees and expenses shall file with the court such information as may be necessary for the court to determine the reasonableness of the requested fees and expenses. If engaged on an hourly basis, a receiver or professional 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. The receiver shall pay the amount approved by the court. (Source: P.A. 104-34, eff. 1-1-26.)