OPENING STATEMENT

OF THE HONORABLE GEORGE W. GEKAS

CHAIRMAN

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.

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