• SOURCE: American Bankruptcy Institute

Helping Distressed Business



.mp3 audio package
ANCHOR LEAD: A Commission comprised of the most prominent U.S. business bankruptcy professionals released a report offering recommendations to modernize the Bankruptcy Code for financially distressed businesses. Brian Osuch has the details on the recommendations and why bankruptcy reform is needed. (:60) SCRIPT: Financial Fitness, I'm Brian Osuch. After concluding nearly three years of work, the American Bankruptcy Institute (ABI) Commission to Study the Reform of Chapter 11 released its final report. Robert Keach, co-chair of the Commission … CUT: (Keach) The Bankruptcy Code needs to be modernized because the world has changed but the statute hasn't. A number of externalities have simply overwhelmed the effectiveness of the Code that was passed in 1978 and the statute needs to catch up with the commercial realities of today. SCRIPT: Modernizing chapter 11 of the Code will help small and medium-sized businesses in distress, Keach says, as the Commission's recommendations will preserve jobs without spending more taxpayer money. CUT: (Keach) If businesses are given a realistic second chance many of those businesses that now fail will succeed, they'll employ people, they'll pay taxes, they'll create opportunities for citizens. SCRIPT: For more information and to read the complete report go to commission.abi.org. That's Financial Fitness from ABI.
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