Bankruptcy Forms: Filing Bankruptcy Chapter 7 Bankruptcy Software Chapter 13

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TITLE 11–BANKRUPTCY

CHAPTER 11– REORGANIZATION

Sub Chapter – Officers and Administration

Sec. 1109. Right to be heard

   (a) The Securities and Exchange Commission may raise and may appear 
and be heard on any issue in a case under this chapter, but the 
Securities and Exchange Commission may not appeal from any judgment, 
order, or decree entered in the case.
    (b) A party in interest, including the debtor, the trustee, a 
creditors' committee, an equity security holders' committee, a creditor, 
an equity security holder, or any indenture trustee, may raise and may 
appear and be heard on any issue in a case under this chapter.

(Pub. L. 95-598, Nov. 6, 1978, 92 Stat. 2629.)


                      Historical and Revision Notes

                         legislative statements

    Section 1109 of the House amendment represents a compromise between 
comparable provisions in the House bill and Senate amendment. As 
previously discussed the section gives the Securities and Exchange 
Commission the right to appear and be heard and to raise any issue in a 
case under chapter 11; however, the Securities and Exchange Commission 
is not a party in interest and the Commission may not appeal from any 
judgment, order, or decree entered in the case. Under section 1109(b) a 
party in interest, including the debtor, the trustee, creditors 
committee, equity securities holders committee, a creditor, an equity 
security holder, or an indentured trustee, may raise and may appear and 
be heard on any issue in a case under chapter 11. Section 1109(c) of the 
Senate amendment has been moved to subchapter IV pertaining to Railroad 
Reorganizations.


                        senate report no. 95-989

    Subsection (a) provides, in unqualified terms, that any creditor, 
equity security holder, or an indenture trustee shall have the right to 
be heard as a party in interest under this chapter in person, by an 
attorney, or by a committee. It is derived from section 206 of chapter X 
([former] 11 U.S.C. 606).
    Subsection (b) provides that the Securities and Exchange Commission 
may appear by filing an appearance in a case of a public company and may 
appear in other cases if authorized or requested by the court. As a 
party in interest in either case, the Commission may raise and be heard 
on any issue. The Commission may not appeal from a judgment, order, or 
decree in a case, but may participate in any appeal by any other party 
in interest. This is the present law under section 208 of chapter X 
([former] 11 U.S.C. 608).


                         house report no. 95-595

    Section 1109 authorizes the Securities and Exchange Commission and 
any indenture trustee to intervene in the case at any time on any issue. 
They may raise an issue or may appear and be heard on an issue that is 
raised by someone else. The section, following current law, denies the 
right of appeal to the Securities and Exchange Commission. It does not, 
however, prevent the Commission from joining or participating in an 
appeal taken by a true party in interest. The Commission is merely 
prevented from initiating the appeal in any capacity.

                  Section Referred to in Other Sections

    This section is referred to in section 901 of this title.


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Legal Resource Center: United States Code TITLE 11 Filing Bankruptcy Forms Software