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Bankruptcy Venue Reform Bill Introduced
On Jan 8, 2018, Senators John Cornyn (R-TX) and Elizabeth Warren (D-MA) introduced the Bankruptcy Venue Reform Act of 2018, which is designed to prevent forum shopping in Chapter 11 bankruptcy cases, a practice that has resulted in a concentration of bankruptcy cases in a few districts.
The stated purpose of the bill is to force individual debtors and corporations to file Chapter 11 bankruptcy petitions in their true home districts to allow small businesses, employees, retirees, creditors, and other stakeholders to fully participate in these cases.
According to Senator Cornyn:
“Closing the loophole that allows corporations to 'forum shop' for districts sympathetic to their interests will strengthen the integrity of the bankruptcy system and build public confidence.” Senator Warren added that “workers, creditors, and consumers lose when corporations manipulate the system to file for bankruptcy wherever they please, I'm glad to work with Senator Cornyn to prevent big companies from cherry-picking courts that they think will rule in their favor and to crack down on this corporate abuse of our nation's bankruptcy laws.”
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