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United States · Bill · S

S. 540 (103rd)

Bankruptcy Amendments Act of 1994

referredUnited States· United States Congress· EN

Introduced

10 March 1993

Last action

5 May 1994 · Referred

Status

Referred to the Subcommittee on Economic and Commercial Law.

Sponsors

Sen. Heflin, Howell [D-AL], Sen. Grassley, Chuck [R-IA], Sen. Bryan, Richard H. [D-NV], Sen. Campbell, Ben Nighthorse [R-CO], Sen. Cochran, Thad [R-MS], Sen. Conrad, Kent [D-ND], Sen. DeConcini, Dennis [D-AZ], Sen. Durenberger, Dave [R-MN], Sen. Inouye, Daniel K. [D-HI], Sen. Kohl, Herb [D-WI], Sen. Roth Jr., William V. [R-DE], Sen. Stevens, Ted [R-AK], Sen. Daschle, Thomas A. [D-SD], Sen. Shelby, Richard C. [R-AL], Sen. Reid, Harry [D-NV], Sen. Gorton, Slade [R-WA], Sen. Pressler, Larry [R-SD], Sen. Simpson, Alan K. [R-WY], Sen. Graham, Bob [D-FL], Sen. Burns, Conrad R. [R-MT], Sen. Pryor, David H. [D-AR], Sen. Murkowski, Frank H. [R-AK], Sen. Bingaman, Jeff [D-NM], Sen. Craig, Larry E. [R-ID], Sen. McCain, John [R-AZ], Sen. Bumpers, Dale [D-AR], Sen. Hatfield, Mark O. [R-OR], Sen. Baucus, Max [D-MT], Sen. Lott, Trent [R-MS], Sen. Sasser, Jim [D-TN], Sen. Gramm, Phil [R-TX], Sen. Hatch, Orrin G. [R-UT], Sen. Brown, Hank [R-CO]

Subjects

Agriculture, Taxation

Source updated

10 August 2026

Agriculture · Taxation

Official sourceDownload fileView documentsShare

Summary

Title I: Improved Bankruptcy Administration Title II: Commercial Issues in Bankruptcy Title III: Consumer Bankruptcy Issues Title IV: Bankruptcy Review Commission Title V: Technical Corrections Title VI: Severability; Effective Date; Application of Amendments Bankruptcy Amendments Act of 1993 - Title I: Improved Bankruptcy Administration - Amends Federal bankruptcy law with respect to expedited hearings on a motion to lift an automatic stay; (2) the expedited filing of plans under chapters 11 and 12; and (3) expedited procedure for reaffirmation of debts. (Sec. 105) Permits bankruptcy court judges to hold status conferences, and to issue case limitations and conditions at such conferences. Amends the Federal judicial code to mandate that the judicial council of a circuit establish a bankruptcy appellate panel service composed of district bankruptcy judges in the circuit, subject to the consent of all parties. Sets forth appeals guidelines. (Sec. 106) Permits bankruptcy administrators (in a State in which the bankruptcy system is administered by a Bankruptcy Administrator instead of a U.S. Trustee) to preside at meetings of creditors and equity security holders, and to examine the debtor at creditors' meetings. (Sec. 107) Amends the Bankruptcy Code to include within the definition of "person" pension benefit guarantors and legal or beneficial owners of an asset of an eligible deferred compensation plan or of a governmental employee pension benefit plan (thus enabling such persons, State pension funds, and the Pension Benefit Guaranty Corporation to serve on creditors' committees). (Sec. 108) Revises current guidelines to permit increases in the incentive compensation for bankruptcy trustees. (Sec. 109) Increases the dollar limitations and debt limits applicable to specified bankruptcy procedures (thus enlarging the range of debtors eligible to repay debts over a period from regular income Chapter 13 debtors, and accounting for inflation since 1978). (Sec. 110) Conforms the premerger notification provisions of the Bankruptcy Code to the requirements for antitrust review of transactions under the Clayton Act. (Sec. 111) Entitles members of Chapter 11 bankruptcy reorganization committees to reimbursement for actual and necessary expenses. (Sec. 112) Continues through FY 1998 Chapter 12 bankruptcy provisions concerning family farmers. (Sec. 113) 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 commencement of the case in bankruptcy. (Sec. 115) Treats as an administrative expense of an estate in bankruptcy minimum funding contributions to an employee pension benefit plan for which the debtor is liable which accrue on or after the date of the commencement of the case in bankruptcy. (Sec. 116) Requires the U.S. trustee, at the conclusion of any meeting of creditors or equity security holders, to examine the debtor orally and record his or her knowledge of the consequences of filing for bankruptcy. Title II: Commercial Issues in Bankruptcy - Establishes the legal parameters under which a business debtor (or a party in interest) may elect to convert the case to expedited bankruptcy proceedings customized to small businesses. (Sec. 202) Sets forth automatic stay guidelines regarding proceedings against a debtor's single asset real estate. (Sec. 203) States that the right of a party with a security interest in certain aircraft equipment, maritime vessels, or railroad rolling stock equipment to take possession of such equipment or vessels in compliance with an equipment security agreement is not affected by the automatic stay or property use or sale provisions of the bankruptcy code or by any injunctive power of the bankruptcy court, except in specific circumstances. (Sec. 204) Requires a trustee, under Chapter 11, to perform the debtor's obligations which arise pursuant to an order for relief under an unexpired lease of personal property until the lease is assumed or rejected. (Sec. 205) Sets forth guidelines for: (1) the protection of assignees of executory contracts and unexpired leases approved by court order in cases reversed on appeal; (2) the protection of security interests in post-petition rents; (3) the withholding of post-petition debtor's income for certain retirement plan loan repayments; (4) indenture trustee compensation; (5) return of goods; (6) a debtor's interests in the proceeds of money order agreements; (7) liability limitations with respect to noninsider transferees for avoided transfers; (8) executory contracts for airport gate leases and (9) injunctions requiring Chapter 11 debtors to pay insurance benefits to retired employees and (10) the nondischargeability of credit loans to pay nondischargeable taxes. Title III: Consumer Bankruptcy Issues - Permits a Chapter 13 debtor to cure a home mortgage default on its principal residence before its foreclosure sale. (Sec. 302) Declares certain criminal fines nondischargeable under a Chapter 13 proceeding. (Sec. 303) Provides that a petition in bankruptcy does not operate as an automatic stay with respect to an action or proceeding for: (1) the establishment of paternity; or (2) the establishment or modification of an order for child or spousal maintenance or support. Includes within the priority list of expenses and claims that are to be paid by the bankrupt estate any claims for child or spousal support pursuant to a court order. Declares that a debtor in bankruptcy may not avoid a judicial lien that secures a debt for child and spousal support or maintenance. Prohibits a bankruptcy trustee from avoiding a transfer that was a bona fide payment of a debt for child or spousal support or maintenance pursuant to a court order. Permits child support creditors to appear and intervene without charge, and without meeting any special local court requirement for attorney appearances, in any bankruptcy proceeding in any bankruptcy or district court upon filing a court form detailing the status of the child support debt. (Sec. 304) Sets forth civil penalties for the negligent or fraudulent preparation of bankruptcy petitions by bankruptcy petition preparers for compensation. (Sec. 306) 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, except a junior security interest claim where the interest was undersecured at the time it attached (to the extent that it remains undersecured). (Sec. 307) Sets forth additional conditions on the ability of a creditor to seek satisfaction of a debt from a codebtor or a debt stayed under Chapter 13. (Sec. 309) Authorizes a bankruptcy court to award professional fees according to prescribed guidelines for specified bankruptcy-related services. Title IV: 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. (Sec. 410) Authorizes appropriations. Title V: Technical Corrections - Makes technical and conforming corrections to the Bankruptcy Code. Title VI: Effective Date; Application of Amendments - Sets forth the effective date of this Act. Makes it inapplicable to bankruptcy cases commenced before its enactment.

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

Timeline

  1. 10 March 1993

    Introduced

    Read twice and referred to the Committee on Judiciary.

    Source: IntroReferral

  2. 10 March 1993

    Introduced

    Sponsor introductory remarks on measure. (CR S2610-2611)

    Source: IntroReferral

  3. 10 March 1993

    Introduced

    Introduced in Senate

    Source: IntroReferral

  4. 31 March 1993

    Committee

    Subcommittee on Courts and Administrative Practice. Hearings held. Hearings printed: S.Hrg. 103-321.

    Source: Committee

  5. 15 September 1993

    Reported

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

    Source: Committee

  6. 28 October 1993

    Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 251.

    Source: Calendars

  7. 28 October 1993

    Reported

    Committee on Judiciary. Reported to Senate by Senator Biden with an amendment in the nature of a substitute. With written report No. 103-168. Additional views filed.

    Source: Committee

  8. 28 October 1993

    Reported

    Committee on Judiciary. Reported to Senate by Senator Biden with an amendment in the nature of a substitute. With written report No. 103-168. Additional views filed.

    Source: Committee

  9. 19 April 1994

    Floor

    Measure laid before Senate by unanimous consent. (consideration: CR S4405-4420)

    Source: Floor

  10. 20 April 1994

    Floor

    Considered by Senate. (consideration: CR S4504-4549)

    Source: Floor

  11. 21 April 1994

    Floor

    Considered by Senate. (consideration: CR S4606-4683)

    Source: Floor

  12. 21 April 1994

    Vote

    Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 94-0. Record Vote No: 96.

    Source: Floor

  13. 25 April 1994

    Floor

    Message on Senate action sent to the House.

    Source: Floor

  14. 25 April 1994

    Floor

    Held at the desk.

    Source: Floor

  15. 25 April 1994

    Floor

    Received in the House.

    Source: Floor

  16. 26 April 1994

    Introduced

    Referred to the House Committee on Judiciary.

    Source: IntroReferral

  17. 5 May 1994

    Referred

    Referred to the Subcommittee on Economic and Commercial Law.

    Source: Committee

Votes

21 April 1994 · Bill Passed · On Passage of the Bill S. 540 · Bill Passed · Official source

Yes 94 · No 0 · Abstain — · Absent/not voting 6

Showing the first 4 recorded positions. Vote totals above are complete.

Versions

Documents

11 official files

Referred in House (text)

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Leesvertaling

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  • Referred in House (text)

    Referred in House · EN · 26 April 1994

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  • Referred in House (PDF)

    Referred in House · EN · 26 April 1994

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  • Engrossed in Senate (text)

    Engrossed in Senate · EN · 21 April 1994

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  • Engrossed in Senate (PDF)

    Engrossed in Senate · EN · 21 April 1994

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  • Passed Senate amended

    summary · EN · 21 April 1994

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  • Reported to Senate (text)

    Reported to Senate · EN · 28 October 1993

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  • Reported to Senate (PDF)

    Reported to Senate · EN · 28 October 1993

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  • Reported to Senate with amendment(s)

    summary · EN · 28 October 1993

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  • Introduced in Senate (text)

    Introduced in Senate · EN · 10 March 1993

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  • Introduced in Senate (PDF)

    Introduced in Senate · EN · 10 March 1993

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  • Introduced in Senate

    summary · EN · 10 March 1993

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Sponsors

Related records

Showing 8 of 26 related records.

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