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Congressional Invoice Would Impair Ch. 11 Mass Tort Decision

Law360 (July 30, 2021, 3:40 p.m. EDT) – The long history of corporate bankruptcy is the story of Congress, which, over the course of more than a century, created a process to make the most of a bad situation, when A company’s liabilities overwhelm its assets and operations. The system isn’t perfect, but it works reasonably well to compensate those with claims.

Unfortunately, some in Congress are making hasty, drastic changes in the handling of mass illicit bankruptcies that would turn the balanced system upside down at the expense of deserving, injured people.

House Justice Chairman Jerrold Nadler, DN.Y., has alleged, among other things, that certain features of mass crime bankruptcy are “corporate bankruptcies.”

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