Can Corporate Bankruptcy Help Your Small Business? Expansion of the Small Business Reorganization Act
April 14, 2020
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 obligations to creditors and to access financing for continued business operations. The recent enactment of the Small Business Reorganization Act (“SBRA”) of 2019, which created a new Subchapter V (“SubV”) as part of chapter 11 of title 11 of the United State Code (the “Bankruptcy Code”) both extends the eligibility requirements of the Chapter 11 process to more small businesses, as well as expands the leverage and options by which small businesses can restructure their financial obligations and rehabilitate the economic viability of their operations. This article examines the significant advantages afforded to small businesses under SubV.
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