A bill to establish a procedure for adjustment of debts of public agencies and instrumentalities and political subdivisions.

Summary

Grants to courts of brankruptcy the authority to adjust the debts of public agencies and instrumentalities and political subdivisions upon a voluntary petition setting forth the eligibility of the petitioner, that it is insolvent or unable to pay its debts as they mature, and that it desires to effect a plan for the composition, adjustment, or extension of its debt. States that a petition filed pursuant to this Act shall operate to prohibit the doing of any act, and to stay the commencement or continuation of any action or special proceeding in any court in any jurisdiction, seeking to enforce against the petitioner, or any of petitioner's funds, property, receivables, or revenues, any judgment, order, lien, set-off or counterclaim relating to any contract, debt, or obligation for a period of ninety days, or for such additional period of time as may be required to permit the court to enter an order pursuant to this Act. Provides for notice to and a hearing for creditors of the petitioner, and for a hearing on the confirmation and any modification of the adjustment plan.

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1 official file

• Introduced in Senate

  summary · EN · 29 October 1975

  Open at official source

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