Equal Treatment of Pensions and Bankruptcy Act of 2003

Equal Treatment of Pensions and Bankruptcy Act of 2003 - Amends Federal bankruptcy law to authorize the
bankruptcy trustee to avoid a transfer of a debtor's interest in property to any trust or similar arrangement to
fund supplemental retirement benefits or other deferred compensation for the benefit of an insider or other
management employee made on or within one year before the bankruptcy petition filing date.

Authorizes the bankruptcy court, upon request of a party in interest or a committee of creditors, to allow such
party or committee to commence and prosecute specified proceedings if the trustee either consents, or fails to
commence such proceedings, and if the court finds that doing so is in the best interest of the estate and for the
benefit of the estate.

[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1343 Introduced in Senate (IS)]






108th CONGRESS
  1st Session
                                S. 1343

To amend title 11, United States Code, to provide for the avoidance of 
 certain transfers, and the alternate prosecution of certain actions, 
                relating to certain retirement benefits.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             June 26, 2003

  Mr. Edwards introduced the following bill; which was read twice and 
               referred to the Committee on the Judiciary

_______________________________________________________________________

                                 A BILL


 
To amend title 11, United States Code, to provide for the avoidance of 
 certain transfers, and the alternate prosecution of certain actions, 
                relating to certain retirement benefits.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Equal Treatment of Pensions and 
Bankruptcy Act of 2003''.

SEC. 2. AVOIDANCE OF CERTAIN TRANSFERS; ALTERNATE PROSECUTION OF 
              ACTION.

    Section 547 of title 11, United States Code, is amended by adding 
at the end the following:
    ``(h) Notwithstanding subsections (b) and (c), the trustee may 
avoid a transfer of a debtor's interest in property to any trust or 
similar arrangement to fund supplemental retirement benefits or other 
deferred compensation for the benefit of an insider or other management 
employee made on or within 1 year before the date of the filing of the 
petition.
    ``(i) If the trustee consents or fails to commence a proceeding 
authorized under section 506, 543, 544, 545, 547, 548, 549, 550, 552, 
553, or 724, on request of a party in interest or a committee of 
creditors appointed under section 1102, after notice and a hearing, the 
court may authorize such party in interest or committee of creditors to 
commence and prosecute such proceeding if the court finds that 
commencing and prosecuting such proceeding is in the best interest of 
the estate and for the benefit of the estate.''.
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