American Bankruptcy Institute
14 III. Background on the Commission and the Study Project
and safe harbors; (7) financing issues; (8) governance and supervision of cases; (9) labor and benefits issues; (10) multiple entities and corporate groups; (11) procedural and structural issues under plans; (12) role of valuation; and (13) asset sales in chapter 11.51 The Commission then enlisted the volunteer service of more than 150 of the insolvency profession’s expert judges, lawyers, financial advisors, academics, and consultants to serve on advisory committees for each of these study topics.52
In forming the advisory committees, the Commission carefully vetted individuals who were qualified to address particular issues within any given advisory committee’s charge. This vetting process considered not only the individual’s knowledge and expertise in the area, but also whether the individual would be likely to add a particular perspective on the issues while still considering the overall integrity of the bankruptcy system. As such, each advisory committee received input from the perspective of the various chapter 11 constituents — e.g., lenders, trade creditors, landlords, employees, etc. — on each of the issues they addressed and presented to the Commission. The diverse perspectives of the Commissioners and of the advisory committees added substantial value to the Commission’s deliberations and decisions and the proposals encompassed in this Report.
The advisory committees began their work in April 2012. The Commission provided each advisory committee with a preliminary assessment containing initial study questions for its general topic area. Each advisory committee devoted significant time to researching and evaluating the study questions. The advisory committees met either in-person or telephonically on a frequent basis to review their research and debate the issues. The advisory committees engaged in this work for approximately 18 months before submitting research reports on most topics to the Commission in December 2013.
The Commission then held a three-day retreat in February 2014 to meet with each advisory committee and discuss the research reports. At the retreat, the advisory committees presented their reports and highlighted complex and nuanced issues for the Commission, and the Commissioners actively engaged in a direct dialogue with advisory committee members. The Commission also used the forum to begin integrating the study topics and reconciling overlapping issues. The retreat and the work of the advisory committees leading up to the retreat sessions were informative and very helpful to the Commission in this process. Since then, the Commission has reviewed the entire body of work produced by the advisory committees and conducted follow-up research and analysis on a variety of issues.
The Commission also formed an international working group consisting of leading practitioners and academics from 13 different countries.53 The working group has studied targeted questions posed
51 The Commission deferred the work of the advisory committee on multiple entities and corporate groups; in the end, many of the study questions initially assigned to that committee overlapped with and were addressed by other committees or the Commission as a whole. 52 As noted above, supra note 3, the names and affiliations of members of the advisory committees are listed at Appendix C. In addition, several of the advisory committees identified, and the Commission appointed, research fellows to provide research and other support for the work of those advisory committees. The Commission is grateful for the service and contributions of the advisory committee research fellows. 53 Members of the international working group are: Dr. A. Klauser and L. Weber, from Austria; S. Atkins and Professor R. Mason, from Australia; Professor M. Vanmeenen and N. Wouters, from Belgium; S. Golick, from Canada; J-L. Vallens, M. André and R. Dammann, from France; Professor R. Bork, Professor S. Madaus and A. Tashiro, from Germany; Professor S. Bariatti and G. Corno, from Italy; H. Sakai, from Japan; Professor P.M. Veder and R.J. van Galen, from the Netherlands; Professor Wang Weigo and Professor Li Shuguang, from the People’s Republic of China; Professor F. Garcimartín and A. Núñez-Lagos, from Spain; Professor A. Boraine and A. Harris, from South Africa; Professor I.F. Fletcher, I. Williams, S. Bewick and R. Heis, from England and Wales; and G. Stewart and M. Robinson from INSOL International, and Professor B. Wessels and R.J. de Weijs, from the Netherlands as organizing members. Further contributions were made by E. Dellit, L. Farley, T. Hamilton, L. McCarthy and D.