Gordon Silver is pleased to announce that Thomas J. Salerno recently served as part of the Plan Issues Advisory Subcommittee for the ABI Bankruptcy Review Commission. In what could result in the largest amendments to the US Bankruptcy Law in 40 years, the Chapter 11 Bankruptcy Review Commission just released their ABI Commission Report and Recommendations. The 19-member Commission had 13 separate subcommittees examining major Chapter 11 topics. Of the 150-subcommittee members, more than 100 were Fellows of the American College of Bankruptcy College. Salerno, a Shareholder with the firm and a Fellow in the American College of Bankruptcy, was a member of the Plan Issues subcommittee.
“I was honored to be a part of this subcommittee,” Salerno said. “I hope and believe the work we did will help make the bankruptcy law more efficient and productive for companies that find themselves in a Chapter 11 situation.”
The Commission undertook a three-year study focused exclusively on the resolution of financially distressed businesses under chapter 11 of the Bankruptcy Code. The Report summarizes the results of the study, and presents the Commission’s resulting recommendations for reform.
The Commission voted unanimously to adopt this Report on December 1, 2014, and it was announced publically on December 6.
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