Bankruptcy

Resolution Authority: Dodd-Shelby Amendment

By Stephen Lubben

Still digesting the new Dodd-Shelby compromise, but so far the implications for resolution authority that I can see are:

• Proceedings move from the Delaware bankruptcy court to the D.C. District Court.
• There is a hard cap on the length of proceedings at 5 years (3 yrs. plus two 1 yr. extensions)
• There is a new priority for employee wage claims, like the one found the Bankruptcy Code

Full post as published by Credit Slips on May 05, 2010 (boomark / email).