On July 15, the House Judiciary Subcommittee on the Administrative State, Regulatory Reform and Antitrust held a hearing titled “Bankruptcy Law: Overview and Legislative Reforms.”
In advance of the hearing, Brian Huben, Chairman of ICSC’s Bankruptcy Task Force, visited with Judiciary staffers for Subcommittee Chairman Scott Fitzgerald (R-WI-5), Representatives Ben Cline (R-VA-6), Luis Correa (D-CA-46), Lance Gooden (R-TX-5) and Darrell Issa (R-CA-48).
The stated goal of the hearing was to examine whether bankruptcy law is continuing to strike the correct balance between the rights of creditors and debtors or whether “narrowly tailored updates are necessary to maintain the viability of the bankruptcy system for small businesses, consumers, and creditors.”
The Subcommittee displayed bipartisan support for increasing the Subchapter V debt limit from its current limit of $3 million. The limit was temporarily increased to $7.5 million through the CARES Act.
For more information contact gpp@icsc.com.
ICSC SVP Public Policy Moutray McLaren and ICSC Bankruptcy Task Force Chairman Brian Huben.