Section 1 Short title
This Act may be cited as the “Stop shielding Assets from Corporate Known Liability by Eliminating non-debtor Releases Act” or the “SACKLER Act”.
Stop shielding Assets from Corporate Known Liability by Eliminating non-debtor Releases Act
A BILL
To prohibit the non-consensual release of claims by States, municipalities, federally recognized Tribes, or the United States against non-debtors, and for other purposes.
Sec. 2 Non-debtor releases
Prohibition on certain non-Debtor releases— Section 105(b) of title 11, United States Code, is amended by striking “a court may not” and all that follows, and inserting the following:
“(1) appoint a receiver in a case under this title; or
“(2) except as provided by section 524(g) of this title, enjoin or release a claim against a non-debtor by a State, municipality, federally recognized Tribe, or the United States.”
Temporary stay on actions against non-Debtors— Section 105 of title 11, United States Code, is amended by adding at the end the following:
“(e) Notwithstanding subsection (b)(2), a court may issue an order staying, for a period not to exceed 90 days, the commencement or continuation, including the issuance or employment of process, of a judicial, administrative, or other action or proceeding by a State, municipality, federally recognized Tribe, or the United States against a non-debtor that was or could have been commenced before the commencement of the case under this title, or to recover a claim against a non-debtor that arose before the commencement of the case under this title.”