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Need to Know Governing Laws of Chapter 11

Chapter 11 Governing Laws

Like the other forms of bankruptcy relief, but to a larger extent, Chapter 11 law is supplemented by the Federal Rules of Bankruptcy Procedure, which are handed down to bankruptcy courts by the Supreme Court. The Federal Rules of Bankruptcy Procedure govern legal events, such as adversary litigation in bankruptcy matters, time constraints for motions to be filed, and conditions for appeal to a higher court.

Currently, and like the other forms of bankruptcy relief, Chapter 11 law itself is housed within Title 11 of the United States Code. Chapter 11 bankruptcy law is composed of four subchapters that deal with specific aspects of corporate reorganization proceedings. The first deals with the logistics of Chapter 11 bankruptcy proceedings, namely the roles and responsibilities of each party involved, if applicable. The second is concerned with the formation, discussion and confirmation of a reorganization plan. The third is devoted to typing up post-confirmation loose ends, and the fourth deals in particular with railroad reorganization, perhaps showing the age of the laws that influenced the chapter as a whole.

As for those predecessors to Chapter 11 law, it should be noted that the component parts of Chapter 11 bankruptcy law were once separate subsections of the Bankruptcy Code. They were united into Chapter 11 law as we know it today by virtue of the Bankruptcy Reform Act of 1978.

NEXT: Quick Outline of Chapter 11 Bankruptcy

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