S. 2556 · 109th Congress
Fairness and Accountability in Reorganizations Act of 2006
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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BayhSponsor10 cosponsors · 10 D
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Lieberman0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Fairness and Accountability in Reorganizations Act of 2006 - Revises federal bankruptcy law to add to the conditions for court confirmation of a corporate reorganization plan that the compensation of an insider who will be employed or retained by the reorganized debtor has been approved by, or is subject to the approval of, the court, as reasonable.
What it does: CRS summary · Introduced in Senate · Apr 6, 2006
Fairness and Accountability in Reorganizations Act of 2006 - Revises federal bankruptcy law to add to the conditions for court confirmation of a corporate reorganization plan that the compensation of an insider who will be employed or retained by the reorganized debtor has been approved by, or is subject to the approval of, the court, as reasonable.
Prohibits the payment of a compensation enhancement in order to induce an insider of the debtor to remain with the debtor's business, unless the court finds that any transfers or obligations to or for the insider's benefit are essential to the survival of the business, or to the orderly liquidation and maximization of the value of the debtor's assets.
Revises requirements for collective bargaining agreements and retiree health benefits to instruct the court to take into account the ongoing impact on the debtor of the debtor's relationship with all subsidiaries and affiliates, regardless of whether domestic or foreign, or whether any such subsidiary or affiliate is a debtor entity.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Fairness and Accountability in Reorganizations Act of 2006
Latest action (Apr 6, 2006): Read twice and referred to the Committee on the Judiciary.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Apr 6, 2006
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.