National Bankruptcy Review Commission Act

Summary

Title I: Bankruptcy Review Commission - National Bankruptcy Review Commission Act - Establishes the National Bankruptcy Review Commission to investigate and report to the Congress, the Chief Justice, and the President on issues relating to business bankruptcies. Terminates the Commission after submission of such report. Authorizes appropriations. Title II: Commercial and Credit Matters - Amends Federal bankruptcy law to allow State pension funds and the Pension Benefit Guaranty Corporation (PBGC) to sit on creditor committees. Provides that filing of a petition in bankruptcy does not operate as an automatic stay of: (1) an audit by a governmental unit to determine tax liability; (2) the issuance to the debtor of a notice of tax deficiency; (3) of a demand for tax returns; (4) an assessment of an uncontested or agreed upon tax liability; of (5) withholding of income from a debtor's wages and collection of amounts withheld, pursuant to the debtor's authorization of such withholding and collection for the benefit of a pension or similar plan, to the extent the amounts withheld and collected are used solely as payments on a loan from such plan. Excludes from a debtor's estate any assets and benefits accumulated for the debtor's benefit under a pension or similar plan, as well as any rights of the debtor to such assets or benefits (thus resolving the "anti-alienation problem"). Deems perfected upon the filing of a petition in bankruptcy any cash collateral which is an interest in rents or leases, in real property, held by a creditor and duly recorded in the public records. Declares that a trustee in bankruptcy may not avoid a transfer: (1) if the transfer sought to be recovered to an insider is on account of goods or services sold and delivered to the debtor in the ordinary course of business; and (2) the transferee is deemed to be an insider solely because the transferee holds a guaranty of payment or performance from another insider of the debtor. Establishes the legal parameters under which a business debtor (or a party in interest) may elect to convert the case to bankruptcy proceedings customized to small businesses. Sets forth special temporary bankruptcy procedures for small businesses. Provides for three-year testing of such procedures in eight judicial districts. Codifies existing Federal law which authorizes a court to issue supplemental permanent injunctions barring claims against a reorganized debtor and redirecting such claims to a debtor-funded trust. Title III: Individual Debtors - Sets forth procedures by which regular income-earning debtors who go into straight bankruptcies under Chapter 7 may elect to go into Chapter 13 bankruptcies (thus having the opportunity to reorganize their debts and pay off their creditors over time). Requires that persons who file for bankruptcy be informed of the consequences of doing so. Requires final hearings on a petition for relief from the automatic stay to conclude within 60 days of the petition's filing, unless for good cause they cannot. Requires any hearing to reaffirm a debt to take place before the discharge being granted. Declares that a trustee's plan may not modify the claim of a person holding a primary or a junior security interest in real property or a manufactured home that is the debtor's principal residence. States that courts should begin making payouts under chapter 13 as soon as practicable. Sets forth additional conditions on the ability of a creditor to seek satisfaction of a debt from a codebtor on a debt stayed under chapter 13. Subrogates such codebtor's rights if the creditor's relief is granted. Title IV: Miscellaneous - Extends from October 1, 1993, until October 1, 1995, the bankruptcy provisions applicable to the debt adjustment of a family farmer with regular annual income. Provides various update modifications. Directs the Judicial Conference of the United States to report to the Congress on efforts to automate and computerize the bankruptcy courts and provide necessary information about the bankruptcy system. Title V: Technical Corrections - Sets forth technical corrections to affected legislation.

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Documents

10 official files

• Reported to Senate (text)

  Reported to Senate · EN

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• Referred in House (text)

  Referred in House · EN

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• Introduced in Senate (text)

  Introduced in Senate · EN

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• Engrossed in Senate (text)

  Engrossed in Senate · EN

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• Engrossed Amendment Senate (text)

  Engrossed Amendment Senate · EN

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• Engrossed Amendment House (text)

  Engrossed Amendment House · EN

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• Senate agreed to House amendment with amendment

  summary · EN · 7 October 1992

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• Passed Senate amended

  summary · EN · 17 June 1992

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• Reported to Senate with amendment(s)

  summary · EN · 7 May 1992

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• Introduced in Senate

  summary · EN · 19 November 1991

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