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Delaware May Lose Bankruptcy Biz

Proposed legislation would encourage companies to reorganize at home.

By Dawn McCarty and Phil Milford, Bloomberg | Updated on October 18, 2011

A bipartisan bill sponsored by leaders of the House Judiciary Committee may strip Delaware of its status as the premier venue for U.S. bankruptcy cases, costing the state’s economy an estimated $100 million a year.

Lamar Smith, the Texas Republican who chairs the Judiciary panel, introduced the bill with Michigan’s John Conyers, its ranking Democrat. The aim is to prevent court-shopping and make companies reorganize at home “to ensure maximum input from all affected stakeholders,” Smith said in a statement. Delaware’s Congressional delegation disagreed, citing the Wilmington-based court’s expertise.

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