Issue link: https://mbozikis.ufcontent.com/i/1422521
21 Newspapers, LLC, 422 B.R. 553 (Bankr. E.D. Pa. 2010); In re Wash. Mut., Inc., 419 B.R. 271 (Bankr. D. Del. 2009). The amendments also clarified and expanded the types of economic interests required to be disclosed. Finally, another way in which disclosure in bankruptcy is much broader than outside of bankruptcy is in the breadth of discovery that is permitted pursuant to Bankruptcy Rule 2004, discussed below at Chapter III.H.1. C. Notice and Hearing One of the hallmarks of the U.S. legal system is the doctrine of "due process," which generally means that a party to a legal action is entitled to certain fundamental protections. One such right is the right of the party to receive notice of a proceeding that might impact, among other things, its property. This is an especially important issue in the bankruptcy context given the nature of bankruptcy proceedings. As such, the Bankruptcy Code and Bankruptcy Rules set forth various procedures to assure that parties in interest receive adequate notice of relevant matters. In particular, it is often necessary, before a court may approve an action, for notice of the matter to be provided to some or all of the parties in interest in the bankruptcy case and for there to be an open hearing on the matter. Both the notice and the opportunity for a hearing must be "appropriate in the particular circumstances." 11 U.S.C. § 102(1)(A). Specified notice periods for various actions are set forth both in the Bankruptcy Rules and Local Bankruptcy Rules. See, e.g., F ED. R. BANKR. P. 2002. Nonetheless, an act requiring court approval can be authorized without an actual hearing if notice is proper and either (i) a hearing is not timely requested by a party in interest or (ii) there is insufficient time for a hearing to be commenced before such act is required to be done, and the court authorizes such act. 11 U.S.C. § 102(1)(B).