Speakers Recommend Chapter 11 Changes to Effect Safer, More Efficient Proceedings

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NEW YORK — Any revisions to the federal Bankruptcy Code's treatment of qualified financial contacts should amend the Code's safe harbors to narrow preferential treatment for counterparties while retaining the Code's push to combat systemic risk to the U.S. financial system, speakers said at a May 15 field hearing of the American Bankruptcy Institute's Commission to Study the Reform of Chapter 11.

Application of the safe harbor provisions, which were expanded in 2005 and 2006, has generated “considerable controversy, not to mention splits in the case law,” Bernstein Shur Sawyer & Nelson PA shareholder Robert J. Keach said at the ABI Commission's field hearing.

This Bloomberg BNA Article features Bernstein Shur Attorney Robert Keach.

Please see full article below for more information.

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Topics:  Automatic Stay, Chapter 11, Commercial Bankruptcy, Safe Harbors

Published In: Bankruptcy Updates, General Business Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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