arrow_back Back to App

Limiting Asset Protection from Public Claims in Bankruptcy

This act aims to prevent companies from avoiding liability for debts owed to states, municipalities, or federally recognized Tribes through special releases in bankruptcy proceedings. This means public entities will have a greater chance of recovering funds from companies attempting to shield assets. It introduces more transparency and accountability in financial matters.
Key points
Prohibits non-consensual release of claims by public entities against non-debtors.
Courts cannot block public claims against entities related to the debtor.
Allows for a temporary, 90-day stay on actions against non-debtors to organize affairs.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_2472
Sponsor: Sen. Blumenthal, Richard [D-CT]
Process start date: 2021-07-26
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

SACKLER Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2472.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-07-26.

What are the main provisions?

Key points include:

  • Prohibits non-consensual release of claims by public entities against non-debtors.
  • Courts cannot block public claims against entities related to the debtor.
  • Allows for a temporary, 90-day stay on actions against non-debtors to organize affairs.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Blumenthal, Richard [D-CT].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Courts and Law Economy