The bill, S. 5415 also known as the "Nondebtor Release Prohibition Act of 2024," seeks to amend title 11 of the United States Code to prevent courts from approving or ordering the release of liabilities for entities that are not the main debtors in bankruptcy cases, unless...
Simple Explanation
The bill is like a rulebook that says if a company goes bankrupt, people who aren’t supposed to pay its bills should only have to if they say it's okay. It also says that these people shouldn’t have to wait too long to find out what happens, and it tries to stop companies from doing tricky things to hide what they owe.