Marginal Successes, Revised Expectations, Broken Promises – A Presidency in Review
Part 4: No Increased Claim Limits on Unpaid Wages & Benefits in Business Bankruptcy
As we discussed in Part 3, there were two essential ingredients to candidate Obama’s promise for pro-worker bankruptcy reform. The second prong of Obama’s promised bankruptcy reform would allow employee-creditors to petition the bankruptcy court to recover larger portions of their unpaid wages and benefits from a bankrupt employer. This would result in giving employee-creditors greater priority as against other creditors.
Obama Promised Reform: Protecting Employees and Retirees as Creditors of Bankrupt Employers By Increasing Allowable Claims on Unpaid Wages and Benefits
As a presidential hopeful, Obama promised bankruptcy reform that would “[i]ncrease the amount of unpaid wages and benefits workers can claim in bankruptcy court against their employer”...
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Bankruptcy Updates, Election & Politics Law Updates
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