Memorandum of Disapproval of Legislation Concerning a Uniform Law on Bankruptcies
December 29, 1981
I am withholding my approval of H.R. 4353, to amend the Act entitled ``An Act to Establish a Uniform Law on the Subject of Bankruptcies.''
This bill would benefit the creditors of a single large asset bankruptcy. The debtor's estate has disputed the amount which it must pay to the Referees' Salary and Expense Fund. While I am aware that the Fund has been abolished with respect to recent cases, nothing except this debtor's dispute of the assessment distinguishes this one case from all others where the plan of arrangement was confirmed prior to September 30, 1978. I cannot support this effort to confer special relief in the guise of general legislation at a possible loss to the Treasury of $1.6 million. I believe the judicial process should be allowed to run its course.
The White House,
December 29, 1981.