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Consumer Law

Workers Push to Come Before Creditors in U.S. Bankruptcy Payouts

Workers can lose everything when their employer files for bankruptcy. At least for now.

A pro-labor movement sparked by the employees of Toys “R” Us Inc., and taken up by Sears Holdings Corp., has reached the U.S. Congress.

Representative Tim Ryan, an Ohio Democrat, said he plans to reintroduce 2017 legislation that would define worker claims in bankruptcy as administrative expenses, meaning they’d be paid in full, like the investment bankers, consultants, lawyers and liquidators who earn millions of dollars dismantling dying companies.

Read the source article at msn.com

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