In the Press
October 20, 2023

Industry Leaders Make Fresh Attempt to Amend Chapter 15 (Global Restructuring Review)


One of the chief drafters of Chapter 15 tells GRR he is spearheading another attempt to persuade Congress to amend the law after repeated requests to lawmakers over the last seven years have failed to make headway. On 13 October, the nonpartisan National Bankruptcy Conference (NBC) sent a letter to the Senate Judiciary Committee and House Subcommittee on the Administrative State, Regulatory Reform and Antitrust after watering down proposed revisions outlined in previous letters in 2016, 2019 and 2022. Financial Restructuring of counsel Daniel Glosband tells GRR that some of the revisions suggested in the letter amount to “very dry technical stuff” but others are to court rulings that they believe “went a little bit off the reservation. We've never gotten this thing across the goal line so every time there's a new Congress and session, you have to start over,” Glosband says.