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.

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

Timeline

1. 19 November 1991

   Introduced

   Read twice and referred to the Committee on Judiciary.

   Source: IntroReferral

2. 19 November 1991

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 12 March 1992

   Committee

   Committee on Judiciary. Committee consideration and Mark Up Session held.

   Source: Committee

4. 19 March 1992

   Reported

   Committee on Judiciary. Ordered to be reported with an amendment in the nature of a substitute favorably.

   Source: Committee

5. 7 May 1992

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 458.

   Source: Calendars

6. 7 May 1992

   Reported

   Committee on Judiciary. Reported to Senate by Senator Biden with an amendment in the nature of a substitute. With written report No. 102-279. Additional views filed.

   Source: Committee

7. 7 May 1992

   Reported

   Committee on Judiciary. Reported to Senate by Senator Biden with an amendment in the nature of a substitute. With written report No. 102-279. Additional views filed.

   Source: Committee

8. 16 June 1992

   Floor

   Motion to proceed to consideration of measure made in Senate.

   Source: Floor

9. 17 June 1992

   Floor

   Considered by Senate.

   Source: Floor

10. 17 June 1992

    Vote

    Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 97-0. Record Vote No: 123.

    Source: Floor

11. 18 June 1992

    Introduced

    Referred to the House Committee on Judiciary.

    Source: IntroReferral

12. 18 June 1992

    Floor

    Received in the House.

    Source: Floor

13. 23 June 1992

    Referred

    Referred to the Subcommittee on Economic and Commercial Law.

    Source: Committee

14. 3 October 1992

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

15. 3 October 1992

    Passed

    The title of the measure was amended to that of similar measure H.R. 6020. Agreed to without objection.

    Source: Floor

16. 3 October 1992

    Floor

    A similar measure H.R. 6020 was laid on the table without objection.

    Source: Floor

17. 3 October 1992

    Passed

    On passage Passed without objection.

    Source: Floor

18. 3 October 1992

    Passed

    Passed/agreed to in House: On passage Passed without objection.

    Source: Floor

19. 3 October 1992

    Passed

    The House struck all after the enacting clause and inserted in lieu thereof the provisions of a similar measure H.R. 6020. Agreed to without objection.

    Source: Floor

20. 3 October 1992

    Floor

    Considered by unanimous consent.

    Source: Floor

21. 3 October 1992

    Floor

    Mr. Brooks asked unanimous consent to discharge from committee and consider.

    Source: Floor

22. 3 October 1992

    Discharge

    Committee on Judiciary discharged.

    Source: Discharge

23. 3 October 1992

    Committee

    Committee on Judiciary discharged.

    Source: Committee

24. 5 October 1992

    Floor

    Message on House action received in Senate and at desk: House amendments to Senate bill.

    Source: Floor

25. 7 October 1992

    ResolvingDifferences

    Senate concurred in the House amendments with an amendment (SP3431) by Voice Vote.

    Source: ResolvingDifferences

26. 7 October 1992

    NotUsed

    Resolving differences -- Senate actions: Senate concurred in the House amendments with an amendment (SP3431) by Voice Vote.

    Source: NotUsed

27. 7 October 1992

    Floor

    Measure laid before Senate by unanimous consent.

    Source: Floor

28. 8 October 1992

    Floor

    Message on Senate action sent to the House.

    Source: Floor

Votes

Versions

• Engrossed Amendment House · — · Download file
• Engrossed Amendment Senate · — · Download file
• Engrossed in Senate · — · Download file
• Introduced in Senate · — · Download file
• Referred in House · — · Download file
• Reported to Senate · — · Download file

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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  Vertaal document

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• Introduced in Senate (text)

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• Engrossed in Senate (text)

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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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  Vertaal document

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• Introduced in Senate

  summary · EN · 19 November 1991

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  Vertaal document

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Sponsors

• Sen. Heflin, Howell [D-AL] · D · Sponsor
• Sen. Grassley, Chuck [R-IA] · R · Sponsor
• · hsju00 · Standing
• · ssju00 · Standing

Related records

• related to → Bankruptcy Amendments of 1992
• amends ← In the nature of a substitute.
• amends ← To clarify the interpretation of section 206, which sets out the circumstances in which a bankruptcy judge can issue injunctive relief with respect to tort claims against the debtor in certain circumstances.
• amends ← To make several technical corrections.
• amends ← To strike section 206(g)(9), and to make certain technical corrections.
• amends ← In the nature of a substitute.
• amends ← To clarify the treatment of pension plan contributions.
• amends ← To express the sense of the Senate that public officials and candidates for public office make proposals and engage in discussion on reducing the deficit, and that the candidates for President agree to a formal discussion that focuses entirely on the Federal budget deficit.
• amends ← To express the sense of the Senate regarding the need to reduce the Federal deficit.