In light of the continuing economic downturn, many issuers with periodic reporting obligations under the Securities Exchange Act of 1934 are or may be faced with the prospect of reorganizing or liquidating under the United States Bankruptcy Code. These issuers must file their Exchange Act reports under the strain of the bankruptcy process, which imposes practical difficulties in completing and timely filing the reports during a time when resources are limited. Can these reporting requirements be modified so that issuers can more readily satisfy them?

For lawyers dealing regularly with commercial secured lending, the requirement to register company fixed and floating charges has long been fraught with tension. It is a commercial necessity for charges over a company's assets to be registered in a publicly available register. Prospective creditors need to be able to establish how far the company's assets have been secured and are available to meet its commitments. Failure to register will result in the charge being invalid against any liquidator, administrator or creditor of the company if the company becomes insolvent.