Puerto Rico Restructuring Adviser Disclosure Bill Signed Into Law

President Joe Biden signed into law a measure that requires advisers in Puerto Rico restructuring cases to make full disclosures of potential conflicts of interest before they can be paid.

The House sent the Puerto Rico Recovery Accuracy in Disclosures Act (H.R. 1192) to the president’s desk Wednesday after passing it by voice vote. The Senate passed the bill by unanimous consent in December after making amendments to the original House version.

In bankruptcy cases, lawyers, accountants, and other advisers must file complete conflict disclosures in order to be paid by the bankruptcy estate.

PRRADA applies those same ...