H.R. 5503 the Securing Protections for the Injured from Limitations on Liability Act

H.R. 5503 the Securing Protections for the Injured from Limitations on Liability Act

Provides a number of provisions governing liability in response to the BP oil spill, including amending the Bankruptcy Code to prohibit a trustee in bankruptcy from selling or leasing, except in the ordinary course of business, any property of the estate of a debtor that is liable for a claim arising from an incident under the Oil Pollution Act of 1990, to a purchaser (together with any affiliate) in an aggregate dollar amount exceeding a specified amount under the Clayton Act unless: (1) the purchaser (and affiliate) agree as a condition of the sale to pay the amount of allowed unsecured claims arising from the incident not paid by the debtor\; or (2) all classes of unsecured claims approve the sale of such assets.