Photo: Vitalii Vodolazskyi/stock.adobe.com Proposed Federal Bankruptcy Venue Restriction Could Be a Blow for Delaware
The bill would limit a business to filing Chapter 11 cases in the federal district where its principal place of business or assets are located. One Delaware lawyer said if passed, the measure could have a dramatic—but unneeded—effect.
June 30, 2021 at 05:28 PM
4 minute read
A new bankruptcy venue reform bill, introduced in the U.S. House of Representatives in late June, could have a significant impact on Chapter 11 filings in Delaware if it becomes law.
Introduced by Rep. Zoe Lofgren, D-California, as the Bankruptcy Venue Reform Act of 2021, the bill wouldn't allow companies to opt for filing in their district of incorporation, an option that currently accounts for the bulk of filings in the District of Delaware.
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