SACKLER Act
Summary
Stop shielding Assets from Corporate Known Liability by Eliminating non-debtor Releases Act or the SACKLER Act This bill prohibits a bankruptcy court from releasing claims against non-debtors brought by states, tribes, municipalities, or the federal government. However, the bankruptcy court may issue a stay not exceeding 90 days regarding such a claim. Complex bankruptcies may involve creditor claims against non-debtors associated with the debtor, such as the debtor's officers, directors, or employees. Currently, in carrying out a bankruptcy plan, certain courts may release non-debtors from liability (there is a circuit split regarding this practice).
Bill status
in committee
1 of 4 stages cleared
Introduction
Jul 2021
Committee Review
Floor Vote
President
Introduced Jul 26, 2021
Last action Jul 26, 2021
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
2
Key actions
0
Committee
1
Jul 26, 2021
Committee
Read twice and referred to the Committee on the Judiciary.
upper
Jul 26, 2021
Introduced
Introduced in Senate
upper
1 primary · 1 co-sponsor
Sponsors
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