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The heads of an American Bankruptcy Institute commission said that they hope to present a report with recommendations to reform Chapter 11 by this time next year, saying secured lender rights is one of the topics they will likely address.
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Today’s bankruptcy law, adopted by Congress 35 years ago, is “antiquated,” according to Al Togut, co-chairman of the commission established by the American Bankruptcy Institute to study reform of the U.S. Bankruptcy Code. One year from now, the ABI Commission to Study the Reform of Chapter 11 will issue its report offering “specific reform in the Bankruptcy Code” with respect to corporate debtors.
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Chief restructuring officers should be awarded greater leniency under the U.S. Bankruptcy Code and the practices of unsecured creditors committees should not be altered, bankruptcy experts told ABI's Chapter 11 Reform Commission on Thursday.
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epresentatives from the unsecured trade credit community made their case for bankruptcy reform this week when they testified at a May 21 field hearing of the American Bankruptcy Institute's (ABI's) Commission to Study the Reform of Chapter 11, held at the National Association of Credit Management's (NACM's) 117th Annual Credit Congress and Exposition in Las Vegas.
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Bankruptcy expert Daniel L. Keating, JD, professor of law at Washington University in St. Louis, is warning policymakers that any tweaks to the bankruptcy code could have unintended consequences and do little to improve the system. Keating testified recently before ABI's Chapter 11 Commission at a field hearing in Chicago about labor issues in bankruptcy proceedings.
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After a thorough discussion of leases of non-residential real property, the ABI Commission turned to its second panel of the day, which discussed potential reforms to the provisions of section 365 of the Bankruptcy Code governing licenses of intellectual property.
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On June 4, 2013, the American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11 held a field hearing, hosted by the New York Institute of Credit, at the New York Hilton. The hearing focused primarily on the Bankruptcy Code’s treatment of two categories of contracts: (1) leases of non-residential real property and (2) licenses of intellectual property.
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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. (Reproduced with permission from BNA's Bankruptcy Law Reporter, 25 BBLR 705 (May 23, 2013). Copyright 2013 by The Bureau of National Affairs, Inc. (800-372-1033) <http://www.bna.com>)
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While failed law firms make for notoriously difficult bankrupty cases, Dewey & LeBoeuf's time in bankruptcy court was quicker and easier than other notable law firms. Joe Samet, head of restructuring at Baker & McKenzie, and Al Togut, founding partner at Togut, Segal & Segal, talk with Bloomberg Law's Lee Pacchia about why Dewey's case went so smoothly compared to others, the prospects for other large law firm failures and how managing partners can keep their firms out of bankruptcy.
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The hourly billing of professional fees is a "primitive system" and "doesn’t lead to good management," Wilbur L. Ross Jr., chairman and chief executive officer of WL Ross & Co LLC, testified April 19 at the American Bankruptcy Institute’s Chapter 11 Commission hearing in National Harbor, Md. (Reprinted with permission from Bloomberg BNA's Bankruptcy Law Reporter.)
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