3.0.0 1970 2023-01-15T09:03:27Z 2023-01-15T09:03:27Z Senate S S 2003-11-25 108 ssju00 Judiciary Committee Senate Standing Referred to 2003-11-25T19:39:21Z 2003-11-25 ssju00 Judiciary Committee Senate Read twice and referred to the Committee on the Judiciary. IntroReferral 2003-11-25 Sponsor introductory remarks on measure. (CR S16014-16015) IntroReferral B00100 9 Library of Congress 2003-11-25 Introduced in Senate IntroReferral 10000 9 Library of Congress R000361 Sen. Rockefeller, John D., IV [D-WV] JAY ROCKEFELLER D WV N Finance and Financial Sector Bankruptcy Civil actions and liability Claims Commerce Corporation directors Executive compensation Health Labor and Employment Law Retiree health benefits Salaries Severance pay Wages Finance and Financial Sector 00 2003-11-25 Introduced in Senate 2004-01-06T22:43:56Z Bankruptcy Fairness Act - Amends Federal bankruptcy law to increase from $4650 to $15,000 the aggregate amount of a claim to recover employee wages and benefits that has priority ranking among unsecured creditor claims.

Authorizes the bankruptcy court to avoid any transfer of compensation made to debtor's personnel or a member of its board of directors 90 days before the date of the filing of the bankruptcy petition if the court finds the transfer to be either out of the ordinary course of business, or unjust enrichment.

Revises guidelines governing payment of insurance benefits accrued by retirees to provide that: (1) a retiree whose benefits have been modified during the bankruptcy process shall have a claim for the value of the benefits lost as a result of such modification; and (2) the debtor shall pay such retiree the cost of 18 months of insurance premiums on behalf of the retiree and dependents.

Expands the prerequisites for confirmation of a bankruptcy reorganization plan to require that the holder of such retiree insurance claim receive from the debtor, on the effective date of the plan, cash equal to the cost of 18 months of the retiree's insurance premiums.

]]> Bankruptcy Fairness Act Display Title Bankruptcy Fairness Act Official Title as Introduced A bill to amend title 11, United States Code, to increase the amount of unsecured claims for salaries and wages given priority in bankruptcy, to provide for cash payments to retirees to compensate for lost health insurance benefits resulting from the bankruptcy of their former employer, and for other purposes. Introduced in Senate IS Short Titles as Introduced Bankruptcy Fairness Act Introduced in Senate 2003-11-25T05:00:00Z 2003-11-25 Read twice and referred to the Committee on the Judiciary. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.