S 5032
Bankruptcy Venue Reform Act of 2020
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Bill overview
The Bankruptcy Venue Reform Act of 2020 aims to reduce ‘forum shopping’ in bankruptcy cases. It limits where companies, particularly those with Securities and Exchange Commission reporting requirements, can file for bankruptcy to the district where their principal place of business is located, or where a related affiliate’s bankruptcy case is pending. The bill also restricts the ability of entities to strategically file in different districts to gain an advantage in bankruptcy proceedings. This legislation seeks to ensure that bankruptcy cases are filed in locations that are most closely connected to the debtor’s operations and stakeholders.
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