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H.R. 4777, Nondebtor Release Prohibition Act of 2021 (CBO Report for Congress)

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Congress 117th
Date Requested Nov. 3, 2021
Requested By House Committee on the Judiciary
Date Sent May 26, 2022
Description:
In bankruptcy cases under Chapter 11 of the bankruptcy code (which governs business bankruptcies), creditors and third parties sometimes make claims against nondebtors who are associated with the debtor, such as the debtor's directors and officers, committee members, lenders, private equity sponsors, advisors, and other stakeholders. Under current law, federal courts that oversee the implementation of plans that restructure such businesses have the authority to release nondebtors from liability and can do so without the consent of the interested parties. H.R. 4777 would prohibit a bankruptcy court from releasing or modifying a nondebtor's liability. Specifically, the bill would: Limit nondebtor releases to circumstances where interested parties, such as creditors, have affirmatively consented to the release, and Allow third parties to appeal any order that would bar them from suing the entity that holds the assets of the original debtor.  

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