S.314 - Fairness in Bankruptcy Litigation Act of 2005109th Congress (2005-2006)
|Sponsor:||Sen. Cornyn, John [R-TX] (Introduced 02/08/2005)|
|Committees:||Senate - Judiciary|
|Latest Action:||Senate - 02/08/2005 Read twice and referred to the Committee on the Judiciary. (All Actions)|
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Summary: S.314 — 109th Congress (2005-2006)All Information (Except Text)
Introduced in Senate (02/08/2005)
Fairness in Bankruptcy Litigation Act of 2005 - Amends the Federal judicial code to establish that domicile and residence of a debtor, for purposes of establishing venue in bankruptcy cases on the basis of domicile and residence, is located where the debtor's principal place of business is located. Provides that venue also lies in the district in which such a case concerning the controlling corporation is pending: (1) if the debtor is controlled by another corporation, the financial statements of the debtor have been consolidated with those of the controlling corporation within a specified period of time before filing for bankruptcy, and the controlling corporation is a debtor in bankruptcy proceedings; or (2) if the debtor is not such a corporation, the debtor has been controlled by another corporation for a specified time period before filing, and the controlling corporation is a debtor in bankruptcy proceedings.
Adds bankruptcy courts to the list of district courts required to dismiss or transfer cases laying venue in the wrong division or district.