A bill to increase the priority dollar amount for unsecured claims, and for other purposes.

Fact Sheet API

Bill Number

S 2820

Introduced

Jul 30, 2002

Latest Action

Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S7581)

Sponsor

Cosponsors

Topics

Bankruptcy Civil actions and liability Commerce Corporate collapse Corporate governance Corporation directors Debtor and creditor Employee benefit plans Employee pensions Executive compensation Finance and Financial Sector Labor and Employment Law Leave of absence Pension funds Salaries Sales personnel Severance pay Sick leave Wages

Full Text

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Votes

Summary

Amends Federal bankruptcy law to increase from $4,650 to $13,500 the maximum 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 paid to an employee, officer, or member of the board of directors of a debtor in the 90 days preceding the bankruptcy petition date if the court finds that the compensation is either out of the ordinary course of business, or that it constitutes unjust enrichment.

Actions

Jul 30, 2002

Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S7581)
Jul 30, 2002

Sponsor introductory remarks on measure. (CR S7581)
Jul 30, 2002

Introduced in Senate

Amendments

Related Bills