A panel of bankruptcy practitioners, including Womble Carlyle’s Mark Desgrosseilliers, told the Wall Street Journal that the venue provisions of the bankruptcy code work fine as they are
An op-ed by retired Judge Steven Rhodes arguing that venue reform is needed in the bankruptcy code sparked the debate. The way the code currently is written, a significant percentage of cases end up either in Delaware or Manhattan, and Rhodes sees this as problem.
Desgrosseilliers and other attorneys surveyed by the Wall Street Journal disagree with this assessment. The newspaper quoted Desgrosseilliers from Twitter, where he said, “Do bankruptcy venue rules need reformation?" No. Transfer venue motions work fine. Numerous examples in Delaware and elsewhere.”
Read the full article in the Wall Street Journal here.
Mark Desgrosseilliers is an experienced business attorney focusing his practice in the areas of Bankruptcy and Corporate Restructuring. His clients benefit from his wide-ranging industry experience representing public and non-public debtor corporations, debtor-in-possession lenders, secured and unsecured creditors, vendors and asset purchasers in bankruptcy and other corporate restructuring matters. Desgrosseilliers practices in Womble Carlyle’s Wilmington, Del. office.