The National Advocates
Contact Us    888-491-3885 
 Facebook Google+ Twitter LinkedIn
  • Home
  • Membership
    • Top 100 Membership Directory
    • Top 40 Membership Directory
    • Practice Areas by Specialty
    • Top 100 Officers/EC
    • Top 40 Officers/EC
    • Eligibility
    • Benefits
    • Member Portal
  • Legal Education
  • Networking
  • News
  • Shop
  • About Us
    • Meet Our Team
    • Mission & Goal
    • FAQ
    • Contact Us

What new bankruptcy law means for small businesses

Posted on November 26, 2019 by curata

Small businesses often struggle to reorganize effectively under Chapter 11 of the Bankruptcy Code. To address this issue, Congress passed the Small Business Reorganization Act of 2019, creating a new subchapter of Chapter 11 of the Bankruptcy Code. The Act takes effect in February 2020. Businesses, lenders and other creditors should understand the risks and opportunities created by this new subchapter of the Bankruptcy Code.

The Act aims to make small business bankruptcies faster and less expensive. At this time, the Act only applies to business debtors with secured and unsecured debts, subject to certain qualifications, less than $2,725,625.

Some notable provisions of the Act include:

• Appointment of a Trustee. The Act provides for the appointment of a trustee who will help facilitate reorganization and may monitor payments to creditors under the debtor’s confirmed plan.

• Streamlining of the Reorganization Process. 

Read the source article at bizjournals.com
Posted in Blog

Comments are closed.

Membership Directories

Click the map to access the directory

Click the map to access the directory

 

Legal News

A Mother Sues TikTok Over Her Daughter's Death in a 'Blackout Challenge'

A Mother Sues TikTok Over Her Daughter's Death in a 'Blackout Challenge'

A 10-year-old Pennsylvania girl died while trying out a dangerous stunt called the Blackout Challenge last year, and now her [Read More...]
Nebraska Settles a Lawsuit Over an Inmate's Death For $4.79K

Nebraska Settles a Lawsuit Over an Inmate's Death For $4.79K

Nebraska has agreed to pay $479,000 to the family of a “talkative” Scottsbluff man who was strangled to death in [Read More...]
Civil Rights Enforcers Warn Employers About Discriminatory AI

Civil Rights Enforcers Warn Employers About Discriminatory AI

The federal government said Thursday that artificial intelligence technology to screen new job candidates or monitor worker p[Read More...]
California Legislators Raise Medical Malpractice Award Limits

California Legislators Raise Medical Malpractice Award Limits

The California Legislature on Thursday agreed to increase how much money people can win in medical malpractice lawsuits, reso[Read More...]
A Former NFL Kicker Accuses the Jacksonville Jaguars' Head Coach of Creating a Hostile Workplace

A Former NFL Kicker Accuses the Jacksonville Jaguars' Head Coach of Creating a Hostile Workplace

Former NFL placekicker Josh Lambo has filed a lawsuit against the Jacksonville Jaguars, seeking more than $3.5 million in sal[Read More...]
Read More Legal News »

Follow Us!

Follow Us on FacebookFollow Us on Google+Follow Us on TwitterFollow Us on LinkedIn
 
Contact Us | Terms of Use | Privacy Policy