H.R. 2533 (112th): Chapter 11 Bankruptcy Venue Reform Act of 2011

112th Congress, 2011–2013. Text as of Jul 14, 2011 (Introduced).

Status & Summary | PDF | Source: GPO

HR 2533 IH

112th CONGRESS

1st Session

H. R. 2533

To amend title 28 of the United States Code with respect to proper venue for cases filed by corporations under chapter 11 of title 11 of such Code.

IN THE HOUSE OF REPRESENTATIVES

July 14, 2011

Mr. SMITH of Texas (for himself, Mr. CONYERS, Mr. COBLE, and Mr. COHEN) introduced the following bill; which was referred to the Committee on the Judiciary

A BILL

To amend title 28 of the United States Code with respect to proper venue for cases filed by corporations under chapter 11 of title 11 of such Code.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ‘Chapter 11 Bankruptcy Venue Reform Act of 2011’.

SEC. 2. AMENDMENTS.

    Section 1408 of title 28 of the United States Code is amended--

      (1) by inserting ‘(a)’ before ‘Except’,

      (2) by inserting ‘and subsection (b) of this section’ after ‘this title’, and

      (3) by adding at the end the following:

    ‘(b) A case under chapter 11 of title 11 in which the person that is the subject of the case is a corporation may be commenced only in the district court for the district--

      ‘(1) in which the principal place of business in the United States, or principal assets in the United States, of such corporation have been located for 1 year immediately preceding such commencement, or for a longer portion of such 1-year period than the principal place of business in the United States, or principal assets in the United States, of such corporation were located in any other district; or

      ‘(2) in which there is pending a case under chapter 11 of title 11 concerning an affiliate of such corporation, if the affiliate in such pending case directly or indirectly owns, controls, or holds with power to vote more than 50 percent of the outstanding voting securities of such corporation.’.

SEC. 3. EFFECTIVE DATE; APPLICATION OF AMENDMENTS.

    (a) Effective Date- Except as provided in subsection (b), this Act and the amendments made by this Act shall take effect on the date of the enactment of this Act.

    (b) Application of Amendments- The amendments made by this Act shall apply only with respect to cases commenced under title 11 of the United States Code on or after the date of the enactment of this Act.