SACKLER Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Mar 19, 2021)
Stop shielding Assets from Corporate Known Liability by Eliminating non-debtor Releases Act or the SACKLER Act
This bill prohibits a bankruptcy court from releasing claims against non-debtors brought by states, tribes, municipalities, or the federal government. However, the bankruptcy court may issue a stay not exceeding 90 days regarding such a claim.
Complex bankruptcies may involve creditor claims against non-debtors associated with the debtor, such as the debtor's officers, directors, or employees. Currently, in carrying out a bankruptcy plan, certain courts may release non-debtors from liability (there is a circuit split regarding this practice).
What just happenedOct 19, 2021
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Who’s behind it
- Introduced in HouseMar 19, 2021
- Oct 19, 2021Committee
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
Administrative State, Regulatory Reform, and Antitrust Subcommittee - Apr 16, 2021IntroReferralB00100
Sponsor introductory remarks on measure. (CR H1879)
- Mar 19, 2021IntroReferralH11100
Referred to the House Committee on the Judiciary.
Judiciary Committee - Mar 19, 2021IntroReferralIntro-H
Introduced in House
- Mar 19, 2021IntroReferral1000
Introduced in House