Bankruptcy Reform Panel Eyes Updates to Ch. 11

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This Law360 Article features Bernstein Shur Attorney Robert Keach.

Law360, New York (December 03, 2012, 7:05 PM ET) -- An American Bankruptcy Institute commission designed to take stock of the state of Chapter 11 anticipates that any changes to the Bankruptcy Code would likely focus on the altered world of bankruptcy since the code's 1978 enactment, commission members said Monday.

One year into its mandate, the 19-member commission, which is eyeing an April 2014 completion date for its definitive report, has found that the climate of bankruptcy when the code was created was vastly different from and simpler than the insolvency issues debtors face today, and three commission members said at a press conference that some of the major issues they had identified early on involved secured credit and claims trading, as well as governance and small-business issues.

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