,i #aaf? ,,congress #a/ ,session ,h4 ,r4 #ddba ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,septemb] #ai1 #bjai,ms4 ,l(gr5 7= h]self1 ,mr4 ,s5s5br5n]1 ,mr4 ,cri/1 & ,mr4 ,/eube7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ! ,judici>y ,a ,,bill ,to am5d title #bh1 ,unit$ ,/ates ,code1 to modify v5ue requirem5ts relat+ to bankruptcy proce$+s4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,bankruptcy ,v5ue ,re=m ,act ( #bjai4 #b4 ,f9d+s & purpose 7a7 ,f9d+s ,congress f9ds t-- 7#a7 bankruptcy law provides a numb] ( v5ue options = fil+ bankruptcy "u *apt] #aa ( title #aa1 ,unit$ ,/ates ,code1 includ+1 ) respect to ! entity fil+ bankruptcy-- 7,a7 any di/rict 9 :i* ! place ( incorporation ( ! entity is locat$2 7,b7 any di/rict 9 :i* ! pr9cipal place ( bus9ess or pr9cipal assets ( ! entity are locat$2 & 7,c7 any di/rict 9 :i* an affiliate ( ! entity has fil$ a p5d+ case "u title #aa1 ,unit$ ,/ates ,code2 7#b7 ! wide range ( p]missible bankruptcy v5ue options has l$ to an increase 9 companies fil+ = bankruptcy outside ( _! home ,/ates--! di/rict 9 :i* ! pr9cipal place ( bus9ess or pr9cipal assets ( ! company is locat$2 7#c7 ! practice describ$ 9 p>agraph 7#b7 is kn[n z =um %opp+2 7#d7 =um %opp+ has result$ 9 a conc5tration ( bankruptcy cases 9 a limit$ numb] ( di/ricts2 7#e7 =um %opp+-- 7,a7 prev5ts small bus9esses1 employees1 retirees1 cr$itors1 & o!r important /akehold]s f fully p>ticipat+ 9 bankruptcy cases t h trem5d\s impacts on _! lives1 communities1 & local economies2 & 7,b7 deprives di/rict c\rts ( ! ,unit$ ,/ates ( ! opportunity to contribute to ! developm5t ( bankruptcy law 9 ! jurisdictions ( ^? di/rict c\rts2 & 7#f7 r$uc+ =um %opp+ 9 ! bankruptcy sy/em w /r5g!n ! integrity (1 & build public confid5ce & ensure fairness 91 ! bankruptcy sy/em4 7b7 ,purpose ,! purpose ( ?is ,act is to prev5t ! practice ( =um %opp+ 9 cases fil$ "u *apt] #aa ( title #aa1 ,unit$ ,/ates ,code4 #c4 ,v5ue ( cases "u title #aa ,title #bh1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 by /rik+ section #adjh & ins]t+ ! foll[+3 #adjh4 ,v5ue ( cases "u title #aa 7a7 ,pr9cipal place ( bus9ess ) respect to c]ta9 entities 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 = ! purposes ( ?is section1 if an entity is subject to ! report+ requirem5ts ( section #ac or #ae7;d7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghm1 #gho7d771 ! t]m pr9cipal place ( bus9ess1 ) respect to ! entity1 means ! address ( ! pr9cipal executive (fice ( ! entity z /at$ 9 ! la/ annual report fil$ "u t ,act be=e ! comm5cem5t ( a case "u title #aa ( :i* ! entity is ! subject4 7#b7 ,exception ,) respect to an entity describ$ 9 p>agraph 7#a71 ! def9ition ( ! pr9cipal place ( bus9ess "u t p>agraph %all apply = purposes ( ?is section unless ano!r address is %[n to be ! pr9cipal place ( bus9ess ( ! entity by cle> & conv9c+ evid5ce4 7b7 ,v5ue ,except z provid$ 9 section #adaj1 a case "u title #aa may be comm5c$ only 9 ! di/rict c\rt = ! di/rict-- 7#a7 9 :i* ! domicile1 resid5ce1 or pr9cipal assets 9 ! ,unit$ ,/ates ( an individual :o is ! subject ( ! case h be5 locat$-- 7,a7 = ! #ahj days imm$iately prec$+ su* comm5cem5t2 or 7,b7 = a long] portion ( ! #ahj-;day p]iod imm$iately prec$+ su* comm5cem5t ?an ! domicile1 resid5ce1 or pr9cipal assets 9 ! ,unit$ ,/ates ( ! individual 7 locat$ 9 any o!r di/rict2 7#b7 9 :i* ! pr9cipal place ( bus9ess or pr9cipal assets 9 ! ,unit$ ,/ates ( an entity1 o!r ?an an individual1 t is ! subject ( ! case h be5 locat$-- 7,a7 = ! #ahj days imm$iately prec$+ su* comm5cem5t2 or 7,b7 = a long] portion ( ! #ahj-;day p]iod imm$iately prec$+ su* comm5cem5t ?an ! pr9cipal place ( bus9ess or pr9cipal assets 9 ! ,unit$ ,/ates ( ! entity 7 locat$ 9 any o!r di/rict2 or 7#c7 9 :i* !re is p5d+ a case "u title #aa conc]n+ an affiliate t directly or indirectly owns1 controls1 or holds #ej p]c5t or m ( ! out/&+ vot+ securities (1 or is ! g5]al p>tn] (1 ! entity t is ! subject ( ! lat] fil$ case1 b only if ! p5d+ case 0 prop]ly fil$ 9 t di/rict 9 accordance ) ?is section4 7c7 ,limitations 7#a7 ,9 g5]al ,= ! purposes ( p>agraphs 7#b7 & 7#c7 ( subsection 7b71 no effect %all be giv5 to a *ange 9 ! own]%ip or control ( an entity t is ! subject ( ! case1 or ( an affiliate ( ! entity1 or to a transf] ( ! pr9cipal place ( bus9ess or pr9cipal assets 9 ! ,unit$ ,/ates ( an entity t is ! subject ( ! case1 or ( an affiliate ( ! p]son entity1 to ano!r di/rict1 t takes place-- 7,a7 )9 #a ye> be=e ! date on :i* ! case is comm5c$2 or 7,b7 = ! purpose ( e/abli%+ v5ue4 7#b7 ,pr9cipal assets 7,a7 ,pr9cipal assets ( an entity o!r ?an an individual ,= ! purposes ( subsection 7b77#b7 & p>agraph 7#a7 ( ?is subsection-- 7i7 ! t]m pr9cipal assets does n include ca% or ca% equival5ts2 & 7ii7 any equity int]e/ 9 an affiliate is locat$ 9 ! di/rict 9 :i* ! hold] ( ! equity int]e/ has its pr9cipal place ( bus9ess 9 ! ,unit$ ,/ates1 z det]m9$ 9 accordance ) subsection 7b77#b74 7,b7 ,equity int]e/s ( individuals ,= ! purposes ( subsection 7b77#a71 if ! hold] ( any equity int]e/ 9 an affiliate is an individual1 ! equity int]e/ is locat$ 9 ! di/rict 9 :i* ! domicile or resid5ce 9 ! ,unit$ ,/ates ( ! hold] ( ! equity int]e/ is locat$1 z det]m9$ 9 accordance ) subsection 7b77#a74 7d7 ,burd5 ,on any objection to1 or reque/ to *ange1 v5ue "u p>agraph 7#b7 or 7#c7 ( subsection 7b7 ( a case "u title #aa1 ! entity t comm5ces ! case %all be> ! burd5 ( e/abli%+ by cle> & conv9c+ evid5ce t v5ue is prop] "u ?is section4 7e7 ,out-(-,/ate admission = gov]nm5t attorneys ,! ,supreme ,c\rt %all prescribe rules1 9 accordance ) section #bjge1 = cases or proce$+s aris+ "u title #aa1 or aris+ 9 or relat$ to cases "u title #aa1 to all[ any attorney repres5t+ a gov]nm5tal unit to be p]mitt$ to appe> on behalf ( ! gov]nm5tal unit & int]v5e )\t *>ge1 & )\t meet+ any requirem5t "u any local c\rt rule relat+ to attorney appe>ances or ! use ( local c\nsel1 be=e any bankruptcy c\rt1 di/rict c\rt1 or bankruptcy appellate panel4 2 & 7#b7 by /rik+ section #adab & ins]t+ ! foll[+3 #adab4 ,*ange ( v5ue 7a7 ,9 g5]al ,not)/&+ t a case or proce$+ "u title #aa1 or aris+ 9 or relat$ to a case "u title #aa1 is fil$ 9 ! correct division or di/rict1 a di/rict c\rt may transf] ! case or proce$+ to a di/rict c\rt = ano!r di/rict or division-- 7#a7 9 ! int]e/ ( ju/ice2 or 7#b7 = ! conv5i5ce ( ! p>ties4 7b7 ,incorrectly fil$ cases or proce$+s ,if a case or proce$+ "u title #aa1 or aris+ 9 or relat$ to a case "u title #aa1 is fil$ 9 a division or di/rict t is improp] "u section #adjh7;b71 ! di/rict c\rt %all-- 7#a7 imm$iately dismiss ! case or proce$+2 or 7#b7 if x is 9 ! int]e/ ( ju/ice1 imm$iately transf] ! case or proce$+ to any di/rict c\rt = any di/rict or division 9 :i* ! case or proce$+ c\ld h be5 br\ght4 7c7 ,objections & reque/s relat+ to *anges 9 v5ue ,n lat] ?an #ad days aft] ! fil+ ( an objection to1 or a reque/ to *ange1 v5ue ( a case or proce$+ "u title #aa1 or aris+ 9 or relat$ to a case "u title #aa1 ! c\rt %all ent] an ord] grant+ or d5y+ ! objection or reque/4 4