A bill to amend title 11 of the United States Code to give priority to certain unsecured claims of retired former employees of the debtor.

Summary

Amends Federal bankruptcy provisions to give fifth priority to unsecured claims of retired former employees for up to specified amounts of payments to any employee health insurance plan, employee pension plan, or employee life insurance plan arising from services rendered before the earlier of the date the bankruptcy petition is filed or the date of cessation of the debtor's business. Provides that an entity that is subrogated to the rights of a holder of an unsecured claim of a governmental unit is not subrogated to the priority right of the holder of such claim. Gives second priority in the distribution of property in which the estate has an interest and which is subject to a tax lien that is not avoidable to such unsecured claims of retired former employees and to unsecured claims of individuals arising from security deposits. Prohibits a court from confirming a reorganization plan which does not provide for cash or deferred cash payments of the allowed amounts of such claims.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 9 October 1986

   Introduced

   Referred to House Committee on The Judiciary.

   Source: IntroReferral

2. 9 October 1986

   Introduced

   Introduced in House

   Source: IntroReferral

3. 9 October 1986

   Introduced

   Introduced in House

   Source: IntroReferral

4. 15 October 1986

   Referred

   Referred to Subcommittee on Monopolies and Commercial Law.

   Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 9 October 1986

  Open at official source

Sponsors

• Rep. Seiberling, John F. [D-OH-14] · D · Sponsor
• · hsju00 · Standing

Related records

No cross-record relationships stored yet.