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The Texas Two-Step is a bankruptcy process in which a solvent corporation spins off certain liabilities into a new and undercapitalized subsidiary and then has the subsidiary declare bankruptcy.
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A Texas two-step bankruptcy is a two-step bankruptcy strategy under US bankruptcy law in which a solvent parent company spins off liabilities into a new company, and then has that new company declare bankruptcy.
It's a legal tool that corporations facing massive litigation have been using recently to avoid liability. So many at this point might be wondering why is it called the Texas two-step? Well, it's because it's a state statute in Texas. Texas is one of a handful of states that have similar divisive merger laws.
The Texas two-step bankruptcy strategy enables a corporate debtor to ?merge? into two companies: one that will continue to hold operational assets and the other that will hold the targeted liabilities and specified fixed assets.
Texas law lets a company divide itself in two, loading one business entity with its assets and another with its legal or financial liabilities. Several companies facing massive numbers of lawsuits in recent years have placed their liability-laden affiliates in bankruptcy, giving the Texas Two-Step its name.
A Texas Two-Step bankruptcy is a legal defense that companies can use to deal with their tort liabilities. The process involves creating a subsidiary through a divisive or reverse merger and transferring the tort liabilities, after which the new company declares bankruptcy.