Open Access. Powered by Scholars. Published by Universities.®
Brooklyn Journal of Corporate, Financial & Commercial Law
And Economic Stability Act; Puerto Rico; US Virgin Islands; Debt Default; Financial Oversight and Management Board for Puerto Rico; Creditor Action; Chapter 9; Title III; Chapter 11
Articles 1 - 1 of 1
Full-Text Articles in Legal History
Promesa And The Bankruptcy Clause: A Reminder About Uniformity, Stephen J. Lubben
Promesa And The Bankruptcy Clause: A Reminder About Uniformity, Stephen J. Lubben
Brooklyn Journal of Corporate, Financial & Commercial Law
The Bankruptcy Clause—Article I, Section 8, Clause 4—provides that “The Congress shall have power . . . [t]o establish . . . uniform Laws on the subject of Bankruptcies throughout the United States . . . .”[1] But Congress has just enacted a bankruptcy law that applies to a single American territory. In early May 2017, Puerto Rico and one affiliated entity filed a petition under this new law. In late May, the Employees Retirement System commenced a case, along with the Puerto Rico Highway and Transportation Authority. Other Puerto Rican sub-entities are expected to follow. I use this short …