Bankruptcy
Jul. 19, 2016
Missed opportunities in Puerto Rico ruling
The Supreme Court did not address arguments related to the contracts clause and bankruptcy clauses of the Constitution in the recent case involving Puerto Rico's ability to access Chapter 9 relief.
David S. Kupetz
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UC Hastings College of the Law
David is an expert in bankruptcy, business reorganization, restructuring, assignments for the benefit of creditors, and other insolvency solutions.
In a narrowly focused decision issued on June 13, the U.S. Supreme Court struck down as unconstitutional the Puerto Rico Corporation Debt Enforcement and Recovery Act (Recovery Act). Commonwealth of Puerto Rico v. Franklin California Tax-Free Trust, 2016 DJDAR 5671. The Recovery Act was enacted by Puerto Rico in 2014 in response to a severe fiscal crisis to enable the commonwealth's public utilities to implement a recovery or restructuring plan for their debt. The Supreme Court he...
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