On Motion to Suspend the Rules and Pass

Puerto Rico Recovery Accuracy in Disclosures Act of 2021 or PRRADA

This bill requires professionals employed in debt adjustment cases involving Puerto Rico to file verified statements disclosing their connections with interested parties before seeking compensation for their services.

The Financial Oversight and Management Board for Puerto Rico must establish a list of such interested parties, which shall include the debtor, creditors, any attorney or accountant of the debtor or creditors, persons employed by the U.S. Trustee Program, persons employed by the board, and any other interested party.

Compensation may be denied to such a professional if these disclosures are not filed, are inadequate, or if the professional is found to have certain conflicts of interest.