Bill would make it Harder to Void Labor Contracts in Bankruptcy

On the heels of September’s tougher personal bankruptcy laws comes this: tougher laws on corporate bankruptcy vis-a-vis labor contracts.

In a Reuters story filed yesterday, U.S. Representative John Conyers (D-MI) and Senator Evan Bayh (D-IN) proposed legislation that would require companies to provide fuller pictures of their finances in bankruptcy proceedings before being allowed the opportunity to throw out labor contracts.

“Our legislation would … add a small measure of fairness to a playing field that is overwhelmingly tilted against workers,” Conyers told Reuters.

The proposal goes even further, limiting executive compensation and requiring consideration of foreign assets ? something that has not always been required in the past.

You can read more of the story at U.S. bill would make it harder to void labor contracts.