The Bankruptcy Business and the State of Delaware

If you've nearly cornered the market as the most desirable state for businesses to incorporate, as Delaware has done, you're not going to like proposed Congressional legislation to require businesses to file bankruptcy in their principal place of doing business. (Needless to say, this would have been a very helpful law for Michigan's bankruptcy bar had it been in place over the last decade or so.)  The bill is called the Chapter 11 Bankruptcy Venue Reform Act of 2011, and it's sponsored by Michigan's John Conyers, ranking member of the House Judiciary committee, and Rep. Lamar Smith, chair of the House Judiciary committee. This story in DelawareOnline describes the Delaware perspective on the proposed legislation.