AS A S WEEPING bill to overhaul the nation’s bankruptcy laws nears passage, corporate bankruptcy lawyers are bracing themselves for a statute they say threatens to wreak havoc on the Chapter 11 process.
The five-year-old measure, which has been pushed hard by banks, credit card companies and other financial firms, is known almost exclusively for its tough attitude toward personal bankruptcy. Yet bankruptcy experts say business debtors – and creditors – will also pay the price of a poorly thought-out law that caters to special interest requests with little regard to consequences.
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