S. 329 · 109th Congress
Bankruptcy Fairness Act
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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.
D
RockefellerSponsor3 cosponsors · 3 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Bankruptcy Fairness Act - Amends Federal bankruptcy law to increase from $4,925 to $15,000 the aggregate amount of a claim to recover employee wages and benefits that has priority ranking among unsecured creditor claims.
What it does: CRS summary · Introduced in Senate · Feb 9, 2005
Bankruptcy Fairness Act - Amends Federal bankruptcy law to increase from $4,925 to $15,000 the aggregate amount of a claim to recover employee wages and benefits that has priority ranking among unsecured creditor claims.
Authorizes the bankruptcy court to avoid any transfer of compensation made to debtor's personnel or a member of its board of directors 90 days before the date of the filing of the bankruptcy petition if the court finds the transfer to be either out of the ordinary course of business, or unjust enrichment.
Revises guidelines governing payment of insurance benefits accrued by retirees to provide that: (1) a retiree whose benefits have been modified during the bankruptcy process shall have a claim for the value of the benefits lost as a result of such modification; and (2) the debtor shall pay such retiree the cost of 18 months of insurance premiums on behalf of the retiree and dependents.
Expands the prerequisites for confirmation of a bankruptcy reorganization plan to require that the holder of such a retiree insurance claim receive from the debtor, on the effective date of the plan, cash equal to the cost of 18 months of the retiree's insurance premiums.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Bankruptcy Fairness Act
Latest action (Feb 9, 2005): Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S1204-1205)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Feb 9, 2005
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.