OF THE HONORABLE GEORGE W. GEKAS
SUBCOMMITTEE ON COMMERCIAL AND ADMINISTRATIVE LAW
HEARING ON THE OPERATION OF THE BANKRUPTCY SYSTEM
APRIL 16, 1997
As is well known to everyone here present, in October this Subcommittee will
receive the report and recommendations of the National Bankruptcy Review
Commission. For nearly two years, the Commission's work has held the
interest of virtually every segment of the bankruptcy community. I cannot
stress too strongly that the release of the Commission's report will be a major
event. Inasmuch as bankruptcy is a central and very complex part of our
Subcommittee's jurisdiction, we are very pleased that the Chairman of the
Review Commission is here this morning to describe its progress and the
issues that are being addressed.
I anticipate that soon after the Commission report is issued that a substantial
amount of remedial legislation will be introduced and referred to this
Subcommittee. Our members will then commence the lengthy and sometimes
difficult process of choosing among alternatives and enacting the best
proposals into new bankruptcy law.
The road to bankruptcy reform within this Subcommittee will demand the
best efforts of each of our members. Our members will also inevitably be
looked to in full Committee and on the floor for their expertise in this subject
matter. What we intend to do here this morning, therefore, is to contribute
to our members' understanding of the bankruptcy process, so that we will all
be better equipped to do our difficult job later on.
In addition to Chairman Williamson of the NBRC, three very distinguished
private practitioners and a former President of the National Conference of
Bankruptcy Judges are here to share with us their experience and insight into
the bankruptcy process and some of the important issues which are certain to
preoccupy us as a Subcommittee later on. I am particularly gratified that so
many of our members are in attendance, and I now yield to our ranking
minority member, Mr. Nadler, for any remarks he may choose to make.