Expert Article by Dan
If you check the history of Bankruptcy and the US judicial system, you will be able to see that various kinds of significant changes come over in every 40 years. Last time when the changes were brought in was 1978. So, it is high time that the bankruptcy court is going to bring on some reforms soon enough. Therefore, it has been seen that with the passage of the last two years, the ABI or the American Bankruptcy Institute’s has been conducting different lines of hearing with regards to the Bankruptcy Commission so as to study the necessary reforms which will have to be brought in, mainly for the Chapter 11 bankruptcy proceedings. These reforms will have to be implemented by the year 2018.
Nothing can stay static and same for years. It is bound to change as the all round environment and features goes on changing from time to time. Same is the case with the bankruptcy and the related proceedings and the people and courts associated with the same. Therefore, the ABI has decided to fund a 2 year based hearing program, which is going to help them in deciding if the Chapter 11 bankruptcy is working well enough and is there are any kind of changes which are required to be brought in, with regards to the same.
The last time when changes were brought way back in 1978, the main people who had planned the required changes are of the view that those changes may not work at the best interest of the bankruptcy court and also the people filing bankruptcy, thus it’s important to analyze the situation which is going to help them in deciding what changes are to be brought with regards to this particular bankruptcy chapter.
So, fact is that within a few years time, we may be able to observe some changes, with regards to the Chapter 11 bankruptcy and the proceedings associated with the same.
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