If such creditor designates a person or an organizational subdivision of such creditor to be responsible for receiving notices under this title and establishes reasonable procedures so that such notices receivable by such creditor are to be delivered to such person or such subdivision, then a notice provided to such creditor other than in accordance with this section excluding this subsection shall not be considered to have been brought to the attention of such creditor until such notice is received by such person or such subdivision.
Section of title 11, United States Code, as amended by sections , , , and , is amended by adding at the end the following:. If requested, the court shall enter an order of dismissal not later than 5 days after such request. Section b of title 11, United States Code, as amended by section , is amended by adding after paragraph 6 , as added by section a 1 C , the following:.
With respect to property acquired for personal, family, or household purposes, replacement value shall mean the price a retail merchant would charge for property of that kind considering the age and condition of the property at the time value is determined.
The court may order the United States trustee to increase the number of members of a committee to include a creditor that is a small business concern as described in section 3 a 1 of the Small Business Act , if the court determines that the creditor holds claims of the kind represented by the committee the aggregate amount of which, in comparison to the annual gross revenue of that creditor, is disproportionately large.
Nothing in this subsection shall be construed to require any creditor to be represented by an attorney at any meeting of creditors. Within a reasonable period of time after the date of enactment of this Act, the Judicial Conference of the United States shall prescribe in accordance with rule of the Federal Rules of Bankruptcy Procedure official standard form disclosure statements and plans of reorganization for small business debtors as defined in section of title 11, United States Code, as amended by this Act , designed to achieve a practical balance between Section of title 11, United States Code, is amended by striking subsection e and inserting the following:.
Section of title 11, United States Code, as amended by sections , , and , is amended A the internal and external factors that cause small businesses, especially sole proprietorships, to become debtors in cases under title 11, United States Code, and that cause certain small businesses to successfully complete cases under chapter 11 of such title; and. B how Federal laws relating to bankruptcy may be made more effective and efficient in assisting small businesses to remain viable; and.
In issuing rules proposing the forms referred to in subsection a , the Attorney General shall strike the best achievable practical balance between Such audits shall be in accordance with generally accepted auditing standards and performed by independent certified public accountants or independent licensed public accountants, provided that the Attorney General and the Judicial Conference, as appropriate, may develop alternative auditing standards not later than 2 years after the date of enactment of this Act.
A establish a method of selecting appropriate qualified persons to contract to perform those audits;. B establish a method of randomly selecting cases to be audited, except that not less than 1 out of every cases in each Federal judicial district shall be selected for audit;.
C require audits of schedules of income and expenses that reflect greater than average variances from the statistical norm of the district in which the schedules were filed if those variances occur by reason of higher income or higher expenses than the statistical norm of the district in which the schedules were filed; and. D establish procedures for providing, not less frequently than annually, public information concerning the aggregate results of such audits including the percentage of cases, by district, in which a material misstatement of income or expenditures is reported.
Each report shall clearly and conspicuously specify any material misstatement of income or expenditures or of assets identified by the person performing the audit. In any case in which a material misstatement of income or expenditures or of assets has been reported, the clerk of the district court or the clerk of the bankruptcy court if one is certified under section b of this title shall give notice of the misstatement to the creditors in the case.
C- Section d of title 11, United States Code, is amended Section d of title 11, United States Code, as amended by sections and , is amended by adding at the end the following:.
Such term includes a return prepared pursuant to section a of the Internal Revenue Code of , or similar State or local law, or a written stipulation to a judgment or a final order entered by a nonbankruptcy tribunal, but does not include a return made pursuant to section b of the Internal Revenue Code of , or a similar State or local law.
Section b of title 11, United States Code, as amended by sections , , , and , is amended by inserting after paragraph 25 the following:. The preceding sentence shall not apply if the case is dismissed. The trustee shall make tax returns of income required under any such State or local law. The trustee shall make such tax returns of income of corporations and of partnerships as are required under any State or local law, but with respect to partnerships, shall make such returns only to the extent such returns are also required to be made under such Code.
The estate shall be liable for any tax imposed on such corporation or partnership, but not for any tax imposed on partners or members. Such State or local law may also provide for the reduction of other attributes to the extent that the full amount of income from the discharge of indebtedness has not been applied.
Section of title 11, United States Code, as amended by sections , , , , and , is amended by adding at the end the following:. Cooperation and direct communication between the court and foreign courts or foreign representatives. Cooperation and direct communication between the trustee and foreign courts or foreign representatives. An entity authorized to act under this section may act in any way permitted by the applicable foreign law. The court where the petition for recognition has been filed must be advised of the foreign representative's intent to commence a case under subsection a prior to such commencement.
The court may order that appropriate steps be taken with a view to notifying any creditor whose address is not yet known. No letter or other formality is required. The court may require a translation into English of additional documents. Entry of an order recognizing a foreign proceeding constitutes recognition under this chapter.
A case under this chapter may be closed in the manner prescribed under section Any examiner shall comply with the qualification requirements imposed on a trustee by section The effects of such case shall be restricted to the assets of the debtor that are within the territorial jurisdiction of the United States and, to the extent necessary to implement cooperation and coordination under sections , , and , to other assets of the debtor that are within the jurisdiction of the court under sections a of this title, and e of title 28, to the extent that such other assets are not subject to the jurisdiction and control of a foreign proceeding that has been recognized under this chapter.
Such term is applicable for purposes of this subsection only and shall not be construed or applied so as to challenge or affect the characterization, definition, or treatment of any swap agreement under any other statute, regulation, or rule, including the Securities Act of , the Securities Exchange Act of , the Public Utility Holding Company Act of , the Trust Indenture Act of , the Investment Company Act of , the Investment Advisers Act of , the Securities Investor Protection Act of , the Commodity Exchange Act, the Gramm-Leach-Bliley Act, and the Legal Certainty for Bank Products Act of If a master agreement contains provisions relating to agreements or transactions that are not themselves qualified financial contracts, the master agreement shall be deemed to be a qualified financial contract only with respect to those transactions that are themselves qualified financial contracts.
A by redesignating subparagraphs B through D as subparagraphs C through E , respectively;. Contractual right to terminate, liquidate, accelerate, or offset under a master netting agreement and across contracts; proceedings under chapter Contractual right to liquidate, terminate, or accelerate a commodities contract or forward contract. Commodity broker liquidation and forward contract merchants, commodity brokers, stockbrokers, financial institutions, financial participants, securities clearing agencies, swap participants, repo participants, and master netting agreement participants.
Stockbroker liquidation and forward contract merchants, commodity brokers, stockbrokers, financial institutions, financial participants, securities clearing agencies, swap participants, repo participants, and master netting agreement participants.
Timing of damage measure in connection with swap agreements, securities contracts, forward contracts, commodity contracts, repurchase agreements, or master netting agreements.
Section b of title 11, United States Code, as amended by section , is amended by adding at the end the following:. Such ombudsman may not review confidential patient records unless the court approves such review in advance and imposes restrictions on such ombudsman to protect the confidentiality of such records. Section b of title 11, United States Code, is amended by inserting after paragraph 27 , as amended by sections , , , , , and , the following:.
The parties who may appear and be heard in a proceeding under this section include the attorney general of the State in which the debtor is incorporated, was formed, or does business. The Director of the Federal Judicial Center, in consultation with the Director of the Executive Office for United States Trustees, shall develop materials and conduct such training as may be useful to courts in implementing this Act and the amendments made by this Act, including the requirements relating to the means test under section b , and reaffirmation agreements under section , of title 11 of the United States Code, as amended by this Act.
In the event of a pending audit or enforcement action, the court may extend the time for destruction of such requested tax documents. B without taking steps to ensure that consumers are capable of repaying the resulting debt; and. Section b of title 11, United States Code, as amended by sections and , is amended by adding after paragraph 7 , as added by section , the following:.
Unless the trustee elects to have an administrative hearing on the record, the trustee shall be deemed to have exhausted all administrative remedies for purposes of this paragraph if the agency fails to make a final agency decision within 90 days after the trustee requests administrative remedies.
The Attorney General shall prescribe procedures to implement this paragraph. The decision of the agency shall be affirmed by the district court unless it is unreasonable and without cause based on the administrative record before the agency. The decision of the agency shall be affirmed by the district court unless it is unreasonable and without cause based upon the administrative record before the agency. Image credit: Keegan Houser. Legal Studies Announcements December 1, Dec Nov Legal Studies Latest News as of November 8, News Archive.
Search Open Access. Who People and organizations associated with either the creation of this report or its content. Author Jeweler, Robin. Publisher Library of Congress. Congressional Research Service. Place of Publication: Washington D. About Browse this Partner. What Descriptive information to help identify this report. Language English.
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