The proposed Senate bill on bankruptcy venue reform makes a simple and straightforward promise to require companies to file for chapter 11 protection in the court closest to their principal place of business. But several corporate bankruptcy lawyers said that it is the bill’s last 142 words that would make the proposal, if enacted, actually work, according to a WSJ Pro Bankruptcy commentary*. The final passage in the Jan. 8 proposal aims to end the long and expensive courtroom battles that have erupted over proper venue. Specifically, it instructs judges to make a decision on a venue transfer request within 14 days of the initial request for a move by parties objecting to the chosen venue. Read more.
*The views expressed in this commentary are from the author/publication cited, are meant for informative purposes only, and are not an official position of ABI.
