New bankruptcy reform may have huge impact on current code

A Commission has been formed for the purpose of proposing changes to the Chapter 11 Bankruptcy Code.  Twenty-two members will study the code and hope to submit a report to Congress by early 2014 with their suggestions for revisions.  It is not entirely out of the question to consider “dumping” the existing bankruptcy code and writing an entirely new set of laws from “scratch.”

At least thirteen areas of bankruptcy law will be studied including government supervision, labor issues, employee benefits and financing rules.  For the entire story see “Commission: bankruptcy reform could mean ‘starting from scratch’.”