HR 428
No Bonuses Ahead of Bankruptcy Filing Act of 2021
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Bill overview
This bill, the No Bonuses Ahead of Bankruptcy Filing Act of 2021, aims to prevent financially struggling companies from paying bonuses to certain employees and insiders during bankruptcy proceedings. Specifically, it prohibits bonuses to highly compensated employees (earning over $250,000 annually), insiders of the company, or any bonus that would increase an employee’s compensation above that threshold. The goal is to ensure that bankruptcy resources are focused on repaying creditors rather than rewarding executives or key personnel. The changes will apply to bankruptcy cases filed after the bill’s enactment.
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