Bill Title: Eliminates the concept of a "provable claim" and enables most creditors of an assignor for the benefit of creditors to participate in the distribution of the assignor's estate; amends the limitation on the right of a lessor of real property to participate in the distribution in order to conform that limitation with a similar one in the bankruptcy code; limits the right of an employee to recover under a long term employment contract, and requires the estimation of contingent and unliquidated claims; permits the assignee (a) to avoid certain pre-assignment setoffs if the creditor substantially improved its position prior to the assignment, (b) to avoid transactions avoidable by an actual unsecured creditor of the assignor, and (c) to avoid transactions and liens avoidable by a lien creditor of the assignor or a bona fide purchaser of real property from the assignor, whether or not such a lien creditor or bona fide purchaser actually exists; conforms the preference avoidance power more closely with the similar bankruptcy power, and would permit avoidance of preferential judicial liens as well as voluntary transfers; preserves for the benefit of the estate any avoided liens; and updates the provision governing priorities in the distribution of the assignor's estate and would require payment of priority wages owing directly to an employee before payment to any benefit plan for the benefit of the employee.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2011-01-27 - REFERRED TO JUDICIARY [S02621 Detail]

Text: Latest bill text (Introduced) [HTML]

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