19 National Report for the United States

Abstract

This chapter discusses the law on creditor claims in the United States. There is nothing particularly remarkable about the way in which the US Bankruptcy Code and Federal Rules of Bankruptcy Procedure deal with the treatment of various claims. The academic debate about the super-priority of secured claims with regard to the collateral securing those claims has more or less subsided, as legislators have remained unmoved by any argument to reduce or constrain the rights of secured creditors beyond the existing constraints of bankruptcy law. Legislators have also resisted efforts to decrease the number of claims afforded special priority over general unsecured claims. The remainder of the chapter deals with insolvency claims, administration claims, and non-enforceable claims in turn. Each part presents: the definition and scope of the claim; rules for submission, verification, and satisfaction or admission of claims; ranking of claims; and voting and other participation rights in insolvency proceedings.