House Panel OKs Bankruptcy Code Reform Bill

Law360, New York (September 15, 2010, 7:38 PM EDT) -- A U.S. House of Representatives subcommittee on Wednesday passed the Protecting Employees and Retirees in Business Bankruptcies Act of 2010, which aims to alter the Bankruptcy Code to encourage transparency and prevent corporate abuses against workers during restructuring.

The bill, H.R. 4677, was co-sponsored by Rep. John Conyers, D-Mich., and Sen. Dick Durbin, D-Ill., and passed through the House Judiciary Committee's subcommittee on commercial and administrative law by an 8-4 party-line vote, with all Democrats voting in favor.

“H.R. 4677 is urgently needed to protect the...
To view the full article, register now.