A pair of Senators have introduced the Bankruptcy Venue Reform Act of 2018. Iowa Attorney Joe Peiffer who represented South Dakota farmers who invested with Vera Sun Energy in 2008 and were negatively impacted by their bankruptcy is in favor of the measure. He says those investors need to be protected and this legislation achieves that.
He says companies who file for Chapter 11 Bankruptcy shouldn’t be allowed to forum shop or seek court venues other than where their investors are located. Peiffer says those investors need to have equal access to justice through proper court venues.
Peiffer says the Commercial Law League of America did a study of bankruptcies filed in Delaware and New York state.
Peiffer is an attorney working for Ag and Business Legal Strategies based in Hiawatha, Iowa near Cedar Rapids. He backs the legislation just introduced by Senators John Cronyn of Texas and Elizabeth Warren of Massachusetts.
