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S 2556 109th Congress Senate Finance and Financial Sector Affiliated corporations Bankruptcy Bankruptcy courts Collective bargaining Commerce Consultants Corporate reorganizations Corporation directors Debtor and creditor Evidence (Law) Executive compensation Foreign Trade and International Finance Foreign corporations Fringe benefits Health Labor contracts Law Retiree health benefits Subsidiary corporations

Fairness and Accountability in Reorganizations Act of 2006

Introduced: April 6, 2006 See on congress.gov
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This bill died when the 109th Congress ended
It never became law before the 109th Congress (2005–2006) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 6, 2006
Read twice and referred to the Committee on the Judiciary.
Apr 6, 2006
Introduced in Senate
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 Plain-English summary Congressional Research Service

Fairness and Accountability in Reorganizations Act of 2006 - Revises federal bankruptcy law to add to the conditions for court confirmation of a corporate reorganization plan that the compensation of an insider who will be employed or retained by the reorganized debtor has been approved by, or is subject to the approval of, the court, as reasonable.

Prohibits the payment of a compensation enhancement in order to induce an insider of the debtor to remain with the debtor's business, unless the court finds that any transfers or obligations to or for the insider's benefit are essential to the survival of the business, or to the orderly liquidation and maximization of the value of the debtor's assets.

Revises requirements for collective bargaining agreements and retiree health benefits to instruct the court to take into account the ongoing impact on the debtor of the debtor's relationship with all subsidiaries and affiliates, regardless of whether domestic or foreign, or whether any such subsidiary or affiliate is a debtor entity.

What's happening now April 6, 2006

Read twice and referred to the Committee on the Judiciary.

 Related & companion bills 1
  • HR 5113 Identical bill Fairness and Accountability in Reorganizations Act of 2006
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1
D
Durbin, Richard J.
Illinois · Apr 24, 2006
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2556: Fairness and Accountability in Reorganizations Act of 2006. 109th Congress. Open America. https://openamerica.io/bill/109-S-2556/
MLA
"S. 2556: Fairness and Accountability in Reorganizations Act of 2006." 109th Congress, 2026, Open America, https://openamerica.io/bill/109-S-2556/.
Bluebook (legal)
S. 2556, 109th Cong. (2026), https://openamerica.io/bill/109-S-2556/.
Markdown link
[S. 2556: Fairness and Accountability in Reorganizations Act of 2006](https://openamerica.io/bill/109-S-2556/)
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