A proposal in Congress would make it tougher for companies to file for federal bankruptcy reorganization in the leading corporate legal centers of Wilmington, with its business-friendly laws, and New York, with its major concentration of corporate law firms.
H.R. 2533, sponsored by Rep. Lamar Smith (R., Texas), would restrict troubled companies from filing for bankruptcy in the states where they are legally incorporated. Instead, it would push them to file in cities where their headquarters or assets are based.
Read the rest of the article at the Philadelphia Enquirer
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