For years, small business debtors have struggled with the intricacies of Chapter 11, the debt limitations of Chapter 13 and Chapter 7 bankruptcy liquidations. Stringent requirements and procedural hurdles often made restructuring a prohibitively expensive option for many small business debtors. Congress attempted to address these issues with H.R. 3311, the Small Business Reorganization Act (the “SBRA”). The SBRA, which was signed into law on August 23, 2019, creates a new subchapter, Subchapter V, of Chapter 11 of the Bankruptcy Code.

In 2018 the Supreme Court delivered its much-awaited decision in the case of SPV OSUS Ltd v HSBC Institutional Trust Services (Ireland) Ltd & Ors where it confirmed that the assignment of a claim is unenforceable in Irish law unless the assignment is ancillary to a bona fide transaction or the assignee has a genuine commercial interest in the assignment.