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US Senators have introduced a bipartisan bill aimed at curbing the controversial Texas two-step bankruptcies. This legal strategy allows wealthy companies to avoid lawsuits by transferring their liabilities to a bankrupt shell company. The bill, introduced on July 23, seeks to prevent financially healthy companies from evading responsibility for injuries they caused or from dragging consumers into lengthy bankruptcy proceedings. The proposed legislation, known as the Ending Corporate Bankruptcy Abuse Act, aims to hold greedy corporations accountable for their actions and deter the abuse of bankruptcy laws. Members of Congress are targeting this maneuver to water down the controversial legal strategy.
Members of Congress are targeting the corporate bankruptcy maneuver known as the "Texas Two-Step" with a bipartisan bill to water down the controversial legal strategy. https://t.co/3wdIWJSnzt
US Senators introduced a bipartisan bill on July 23 that would prevent financially healthy companies from evading 'responsibility for injuries they caused' or bog down consumers in lengthy bankruptcy proceedings, they said https://t.co/i7gEuztGkm https://t.co/Gw7tnKOSOH
For too long, greedy corporations have used shady bankruptcy tactics to avoid compensating Americans they have hurt. The Ending Corporate Bankruptcy Abuse Act will help prevent bankruptcy abuse and finally hold corporations accountable for their actions. https://t.co/e6suVqsSvC