Legislative Update: California Assembly Bill 506 on Bankruptcy Code Chapter 9 Eligibility

ABA Business Bankruptcy Committee e-Newsletter (January 2012)

Effective January 1, 2012, California amended its statutory authorization for its local public entities to commence a municipal bankruptcy filing under chapter 9 of the Bankruptcy Code. Previously, California’s local public entities were freely authorized to file a chapter 9 case (one of only 11 states that permitted such filings without conditions or preapproval). This article discusses the requirements of the new law.

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