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Bankruptcy
By: Derek Hawkins//June 22, 2016//
Listen to this articleUS Supreme Court
Case Name: Puerto Rico v. Franklin Cal. Tax-Free Trust
Case No.: 15-233
Focus: Bankruptcy
Section 903(1) of the Bankruptcy Cade pre-empts Puerto Rico’s Recovery Act
“Three federal municipal bankruptcy provisions are relevant here. First, the “gateway” provision, §109(c), requires a Chapter 9 debtor to be an insolvent municipality that is “specifically authorized” by a State “to be a debtor.” Second, the pre-emption provision, §903(1), expressly bars States from enacting municipal bankruptcy laws. Third, the definition of “State,” §101(52), as amended in 1984, “includes . . . Puerto Rico, except for the purpose of defining who may be a debtor under chapter 9.””
Affirmed
Dissenting: SOTOMAYOR, GINSBURG, ALITO
Concurring:
Attorney Derek A. Hawkins is the managing partner at Hawkins Law Offices LLC, where he heads up the firm’s startup law practice. He specializes in business formation, corporate governance, intellectual property protection, private equity and venture capital funding and mergers & acquisitions. Check out the website at www.hawkins-lawoffices.com or contact them at 262-737-8825.
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