Joel R. Glucksman
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201-896-7095 jglucksman@sh-law.comFirm Insights
Industry Professionals to Issue Report on Corporate Bankruptcy Reform
Author: Joel R. Glucksman
Date: January 2, 2014
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2013 has been a big year for the corporate bankruptcy market, with many big-name firms either filing for Chapter 11 protection under bankruptcy law or emerging from bankruptcy proceedings with clean balance sheets. Although many companies that have sought protection have been able to exit formal proceedings, experts say there are still a number of issues with the U.S. Bankruptcy Code that must be resolved in order to make the process of filing more efficient and affordable for companies.
The Wall Street Journal reported that leading industry professionals are expected to release a report on how to modernize the aging U.S. Bankruptcy Code’s rules for struggling businesses. The country’s current rules for Chapter 11 bankruptcy proceedings were established in 1978, and many professionals – ranging from legal analysts and tax professionals to corporate executives and trustees – believe that cracks and inconsistencies in the code make it challenging for many distressed companies to seek protection. Some analysts hope that the report will serve as a template that lawmakers can follow if they one day decide to update or replace the current bankruptcy code.
Although the full details of the report have not been disclosed, those awaiting the results have speculated on the recommendations that may be made, such as shifting power among company executives, shareholders, bankruptcy judges, unions, landlords, and regulators. Additionally, the report may offer up some solutions on how best to bridge the gap between struggling small businesses who may have difficulties filing for protection and large corporations. Further, many of the high-profile corporate bankruptcies that have been filed in recent years have involved complex, costly and contentious union and labor disputes. Analysts are hoping that the report may also shed light on how to better mitigate these disagreements.
The report is expected to be released in December 2014.
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