In the Federal Register notice, 75 Fed. Reg. 2010, July 30, 2010, the Commodity Futures Trading Commission amended its regulations to permit a trustee in an intermediary bankruptcy to operate the business of the firm “in the ordinary course,” including purchases or sales on behalf of clients.

The rule will become effective Aug. 30, 2010.

In a separate July 29th statement, the CFTC noted that regulations currently prohibit bankruptcy trustees, excepted under limited circumstances, from processing any new trades on behalf of customers upon the commencement of a futures commission merchant’s bankruptcy case.
 

A new study, Asbestos Bankruptcy Trusts: An Overview of Trust Structure and Activity with Detailed Reports on the Largest Trusts, released by the RAND Institute for Civil Justice debates how to reform the broken asbestos bankruptcy trust system.

Below are more details about S. 3675 introduced by Sen. Whitehouse (D-RI). 

On the 28th, the House of Representatives, by a vote of 307-113, adopted a motion to suspend the rules and pass HR 5827; amending title 11 USC to include firearms in the types of property allowable under the alternative provision for exempting property from the estate.

According to the Administrative Office of the U.S. Courts' recently released report to Congress on BAPCPA, “2009 Report of Statistics Required by the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005,” in calendar year 09, nearly 1.4 million consumer bankruptcy petitions were filed, a 32 %increase over calendar year 2008.