The Bankruptcy Administration Improvement Act of 2020
https://www.govinfo.gov/app/details/BILLS-119s1659is
The Bankruptcy Administration Improvement Act of 2020 is a federal law that was signed into effect on [date]. The bill aims to improve the efficiency and effectiveness of the bankruptcy system in the United States.
Section 3: Compensation of Officers
Section 3 of the bill amends section 313 of title 28, United States Code, to provide for the compensation of officers appointed under chapter 7 of title 11, United States Code.
The amendment provides that the compensation of an officer shall be fixed by the court at a rate not exceeding $100 per day.
Section 4: Bankruptcy Fees
Section 4 of the bill amends section 1930(a)(6) of title 28, United States Code, to increase the quarterly fees payable for certain disbursements.
- The fee for each calendar quarter shall be $5,000, with an additional $500 for each year thereafter.
- The fee shall be adjusted annually based on the Consumer Price Index for Urban Wage Earners and Clerical Workers.
Section 5: Extension of Term of Certain Temporary Offices
Section 5 of the bill amends section 4 of the Bankruptcy Administration Improvement Act of 2020 to extend the term of certain temporary offices.
The amendment provides that the term of a temporary office shall be fixed at 10 years, unless otherwise provided by law.
Section 6: Effective Date and Application of Amendments
Section 6 of the bill provides for the effective date and application of amendments to this Act.
The amendments shall take effect on October 1 that first occurs after the date of enactment of this Act.
The amendments apply to all cases under title 11, United States Code, commencing on or after the effective date.
“The Bankruptcy Administration Improvement Act of 2020 is a significant step forward in improving the efficiency and effectiveness of the bankruptcy system in the United States. We are committed to ensuring that this law provides for fair and equitable treatment of all parties involved in the bankruptcy process.”
— Senator [Last Name], Chair, Senate Judiciary Committee