Réforme de droit de l'insolvabilité

On l’attendait depuis bientôt deux mois, voire plus : le 21 mars 2021, une loi réformant partiellement et temporairement le droit de l’insolvabilité a été votée.

Cette loi intervient presque deux mois après la fin du moratoire général sur les faillites en place depuis le 28 octobre 2020 et qui prenait fin le 31 janvier dernier.

1. Pourquoi cette intervention législative était nécessaire

The Bankruptcy Protector

In City of Chicago, Illinois v. Fulton, No. 19-357, 2021 WL 125106, at *1 (U.S. Jan. 14, 2021), the United States Supreme Court considered the issue of whether the mere retention of estate property after the filing of a bankruptcy petition violates section 362(a)(3) of the Bankruptcy Code. Reversing the Seventh Circuit and resolving a split among the circuits, the Supreme Court ruled unanimously on January 14, 2021 “that mere retention of property does not violate the [automatic stay in] § 362(a)(3).”

The United States Court of Appeals for the Eleventh Circuit recently issued an opinion that calls into question the long-held Barton doctrine following the dismissal of a bankruptcy case and thus the jurisdiction of that court. In Tufts v. Hay, No. 19-11496 --- F.3d ----, 2020 WL 6144563 (11th Cir. Oct. 20, 2020), the court considered where a litigant may bring suit against counsel appointed by a bankruptcy court after the bankruptcy case was dismissed.

Algemeen wordt aangenomen dat dit najaar een gevaarlijke fase wordt voor vele ondernemingen. Naar de reden daarvoor hoeven we niet ver te zoeken alhoewel het misschien een beetje te gemakkelijk is alle schuld in de schoenen van Corona te steken. Het is in alle geval al lang geen schande meer om te moeten toegeven dat het soms moeilijk is om alle leveranciers te betalen.

On entend de manière générale que cet automne sera une période dangereuse pour de nombreuses entreprises. Et il n'est évidemment pas nécessaire de chercher bien loin pour en connaître la raison, bien que la situation économique difficile actuelle ne trouve pas sa cause unique dans la crise subie suite au Coronavirus. En tout cas, il n’y a rien d’honteux à admettre que l’on peut avoir du mal à payer tous ses fournisseurs.

It is generally accepted that the last quarter of 2020 will be a risky period for many businesses. The reason for this is not far-fetched, although it is maybe a little too easy to put all the blame on Corona. In any case, it is no longer a disgrace to have to admit problems to pay all suppliers.

During lockdown period, many companies were still able to survive with the special government coronacrisis measures. But now, as these measures are being systematically phased out, risk of bankruptcy has increased.

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.

Bankruptcy experts are applauding a proposed change to the Paycheck Protection Program that will allow small business debtors to access loans under federal COVID-19 relief packages, correcting what they say was a mistake in early versions of the aid program that left bankrupt companies without a valuable tool for surviving the pandemic.

On June 22, U.S. Circuit Judge Judge Jerry Smith issued a short, three-page opinion in the case Hidalgo County Emergency Service Foundation v. Carranza that appeared, at first blush, to be a death blow to many debtors' ability to obtain Paycheck Protection Program, or PPP, loans under the Coronavirus Aid, Relief and Economic Security, or CARES, Act.

The United States Court of Appeals for the Fifth Circuit has dealt a blow to debtors seeking Paycheck Protection Program (“PPP”) loans under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). In a decision entered on Monday, June 22, Judge Jerry Smith issued a short, three-page opinion in the case Hidalgo County Emergency Service Foundation v. Jovita Carranza (In re Hidalgo County Emergency Service Foundation) that could have long-lasting ramifications for many debtors, both in and outside of the Fifth Circuit.