Analysis

Bankruptcy Venue Reform Critics Question Need For New Bill

Law360, New York (January 10, 2018, 8:29 PM EST) -- The motivation behind a bipartisan effort in Congress to reform bankruptcy laws by forcing companies to file their cases in the state where they conduct most of their business is misguided, according to some experts who say that longstanding forum selection rules actually benefit both debtors and stakeholders.

A bill sponsored by Sens. John Cornyn, R-Texas, and Elizabeth Warren, D-Mass., intended to prevent companies from engaging in “forum shopping” when they file for bankruptcy was unveiled Monday. According to the bill’s proponents, the Bankruptcy Venue Reform Act of 2017 would help ensure that debtors are held accountable to “small businesses, employees,...

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