Section 1 Short title
This Act may be cited as the “Territories Relief Act”.
Territories Relief Act
A BILL
To provide territories of the United States with bankruptcy protection.
Sec. 2 Adjustments of debts of a territory or a municipality of a territory
Definitions— In this Act—
the term municipality includes any political subdivision, public agency, or instrumentality of a territory; and
the term territory means the Commonwealth of Puerto Rico, Guam, American Samoa, the Commonwealth of the Northern Mariana Islands, or the United States Virgin Islands.
Adjustments of debts— A territory or a municipality of a territory may file a petition with bankruptcy court for the judicial district in which the territory or municipality is located to effect a plan to adjust the debts of the territory or the municipality.
Designation of bankruptcy judge— The chief judge of the court of appeals for the circuit embracing the district in which the case is commenced shall designate the bankruptcy judge to conduct the case.
Regulations— Not later than 180 days after the date of enactment of this Act, the Secretary of the Treasury shall, in consultation with the Governors of the territories, promulgate regulations carrying out this Act.