ABI Forms Commission to “Overhaul Chapter 11”

The ABI has formed a commission to overhaul chapter 11.  You can read the WSJ article here.  “The Chapter 11 system is itself in distress, having been asked to do far more than it was designed to do and to operate in an entirely different environment,’ said bankruptcy attorney Richard Levin of Cravath, Swaine & Moore, who helped craft the 1978 Code as a congressional staffer.”  “The meeting introduced the commission mission and its membership—declared a “who’s who of the insolvency world” by committee co-chair and Maine attorney Robert Keach—to the handful of people who showed up.”

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