[SGVLUG] new bankruptcy code.. (interesting privacy concerns and issues for contractors)

[matti]

Hi, fyi .. interesting 


Law.com
Attorneys Brace for Impact of New Bankruptcy Code
Friday September 9, 2:59 am ET
Peter Geier, The National Law Journal
[..]

But the central flaw of the legislation, he said, is that while the law
is aimed at making corporate restructuring more efficient and
irresponsible consumers more accountable, those who take the biggest
hit are small businesses such as sole and family proprietorships,
entrepreneurs, self-employed people and independent contractors.

[..]

Another irony is how a Republican Congress that is purportedly
concerned about individuals' privacy and identity theft issues would
include a provision that "any creditor can request tax returns from any
debtor at any time," Botes said.

Richard B. Levin, a bankruptcy attorney in the Los Angeles office of
Skadden, Arps, Slate, Meagher & Flom, said he that expects that in the
near future the new legislation will make courts and lawyers very busy
sorting out the bill's bad drafting, and "very, very busy when the next
bankruptcy boom hits -- as it will, of course." 
[..]

http://biz.yahoo.com/law/050909/b78e99eccfd05adc4826f647008c9fcb.html?.v=1


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