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On February 19, 2020, Congress enacted the Small Business Reorganization Act (“SBRA”) to, among other things, streamline the chapter 11 bankruptcy process for a small business by creating subchapter V of the Bankruptcy Code....more
In 2019, Congress enacted the Small Business Reorganization Act, which created subchapter V within chapter 11 of the Bankruptcy Code. Congress’ intent was to create a more cost-efficient and streamlined restructuring process...more
Businesses in financial distress have multiple options to consider when attempting to reorganize or liquidate. A state court receivership or Chapter 7 Bankruptcy are likely options for liquidation when there are significant...more
Covered Activities - 1.1.a Order granting counterclaim declaring validity of mortgage on the debtor’s property does not violate the stay. The debtor acquired property subject to a disputed mortgage. The debtor brought a...more
In 2019, Congress enacted the Small Business Reorganization Act. This legislation created a new type of Chapter 11 reorganization under which certain businesses with total debts less than a certain threshold (currently $7.5...more
Subchapter V was intended to be the faster, easier, and cheaper version of Chapter 11 bankruptcy, allowing small “Main Street” businesses to reorganize like mid-size and large companies. After participating in Subchapter V...more
Bankruptcy courts have had an increase in activity since the COVID-19 pandemic struck, especially for small businesses facing financial challenges. The Small Business Reorganization Act (SBRA), which was passed in August 2019...more
Top 10 Questions About Subchapter V Reorganization - Reorganization under Chapter 11 of the Bankruptcy Code offers powers and benefits that are simply not available in out-of-court restructurings. Chapter 11...more
Amidst a global pandemic, there were plenty of interesting bankruptcy and restructuring events and changes that occurred in 2020. We saw new Bankruptcy Code amendments go into effect (through the Small Business Reorganization...more
The Small Business Reorganization Act (“SBRA”), which became effective February 19, 2020 after being signed into law in August 2019, created a new Subchapter V of Chapter 11 of the Bankruptcy Code with a stated purpose “to...more
“Timing in Life Is Everything” – John Sculley - Relying on a plain reading of Sections 1188 and 1189 of the Bankruptcy Code, Bankruptcy Judge Scott M. Grossman dismissed the Seven Stars bankruptcy case based on the debtor’s...more
In what seems like in the blink of an eye, a once robust economy quickly evaporated, leaving many small businesses with little to no revenue and depleted cash reserves. While many businesses are facing financial distress, the...more
Congress recently enacted the Small Business Reorganization Act of 2019 (the “SBRA”), which created Subchapter V of the Bankruptcy Code, and became effective on February 19, 2020. The SBRA was enacted to expedite and reduce...more
Chapter 11 for the Smaller Guys. Until very recently, filing for Chapter 11 reorganization was a tool for larger businesses since the process is expensive and time consuming while the Debtor corporation seeks to negotiate...more
Due to the COVID-19 pandemic and resulting economic shutdown, we have counseled our clients about how they can protect their rights as creditors once the economy begins to ramp up again. We have also advised them on how to...more
As businesses of all sizes braces for the impact of COVID-19 over the next several months, and possibly years, the rise of bankruptcy filings is inevitable. The impact on small businesses in particular is likely to be...more
In the wake of the COVID-19 pandemic, the country’s small businesses have suffered systemic and catastrophic disruption to operations, demand and supply that will make it impossible for many such businesses to fulfill their...more
The global economy has been greatly impacted by the COVID-19 pandemic and a significant drop in oil prices. The combination of these two factors coupled with the uncertainty surrounding the length of time COVID-19 will hold a...more
Companies with Debt Up to $7,500,000 Now Eligible for Relief - The primary purpose of the new CARES Act is to provide emergency financial and health care assistance to individuals, families, and businesses that are...more
No one can yet predict the overall effect the COVID-19 pandemic will have on the economy in the long run. However, the immediate impact on small businesses seems readily apparent. The dramatic disruption has impeded cash...more
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) expands a new law that streamlines the Chapter 11 bankruptcy process for small businesses to include a larger group of small businesses. The Small Business...more
On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief and Economic Security Act (CARES Act), a Senate bill passed just days earlier in response to the public health crisis that has emerged from the...more
By happenstance, on February 19, 2020, soon after the first case of the COVID-19 virus (the “Virus”) was confirmed in the United States, the Small Business Reorganization Act (“SBRA”) became available as a form of debt...more
When the Small Business Reorganization Act (SBRA) was signed into law in August 2019 and slated to take effect in February 2020, no one could have foreseen that, by March 2020, the U.S. economy would grind to a halt as a...more
Chapter 11 can be a daunting and expensive process for any business to undertake, but its myriad requirements tend to have a disproportionate effect on small businesses....more