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Recent Developments in Subchapter V of Chapter 11 of the Bankruptcy Code
2023-05-17

Subchapter V of chapter 11 of the United States Bankruptcy Code, which took effect in 2020, has undergone significant developments since its enactment, as courts continue to interpret its provisions, intended to streamline the chapter 11 process for smaller debtors in bankruptcy. Recent data and judicial decisions have given greater context to not only the popularity of Subchapter V, but also its substantive boundaries, with some of these key developments discussed below.

Subchapter V Filings Increase 81% Year-Over-Year in April

Filed under:
USA, Insolvency & Restructuring, Litigation, Levenfeld Pearlstein LLC, CARES Act 2020 (USA), Chapter 11, US Bankruptcy Code
Authors:
Jack R. O’Connor
Location:
USA
Firm:
Levenfeld Pearlstein LLC
View Original Article
Impact of COVID-19 on Insolvency Laws: How Countries Are Revamping Their Insolvency and Restructuring Laws to Combat COVID-19
2020-04-08

The amendments of the Response Act are temporary and will apply for six months until September 23, 2020. However, subject to economic and health developments, the provisions may be expanded in both their application and scope

Filed under:
Global, Banking, Insolvency & Restructuring, Tax, Squire Patton Boggs, Coronavirus, Commercial tenant, CARES Act 2020 (USA), HM Revenue and Customs (UK)
Location:
Global
Firm:
Squire Patton Boggs
View Original Article
Impact of COVID-19 on Insolvency Laws:
2021-05-06

squirepattonboggs.com 014-5095-0428/15/EUROPE Impact of COVID-19 on Insolvency Laws: How Countries Are Revamping Their Insolvency and Restructuring Laws to Combat COVID-19 26 April 2021 squirepattonboggs.com squirepattonboggs.com Contents Around the globe, our lawyers are receiving a large number of enquiries about mitigating the impact of the coronavirus disease 2019 (COVID-19) on companies' business operations and finances. Governments in several countries have reacted quickly to try to mitigate COVID-19's impact by changing or amending their insolvency laws.

Filed under:
Global, Banking, Insolvency & Restructuring, Tax, Squire Patton Boggs, Due diligence, State aid, Coronavirus, Commercial tenant, Paycheck Protection Program, Corporations Act 2001 (Australia), CARES Act 2020 (USA), HM Revenue and Customs (UK), Small Business Administration (USA)
Location:
Global
Firm:
Squire Patton Boggs
View Original Article
Impact of COVID-19 on Insolvency Laws: How Countries Are Revamping Their Insolvency and Restructuring Laws to Combat COVID-19
2020-05-14

The Australian government has taken swift action to enact new legislation that significantly changes the insolvency laws relevant to all business as a result of the ongoing developments related to COVID-19.

The Coronavirus Economic Response Package Omnibus Act 2020 (Response Act) became effective on March 25, 2020, and is an effort to provide temporary relief to companies experiencing financial distress as a result of the ongoing and rapidly changing economic slowdown caused by COVID-19.

The COVID-19 Response Act

Filed under:
Global, Banking, Insolvency & Restructuring, Tax, Squire Patton Boggs, Coronavirus, Commercial tenant, Paycheck Protection Program, CARES Act 2020 (USA), HM Revenue and Customs (UK)
Location:
Global
Firm:
Squire Patton Boggs
View Original Article
Can Chapter 11 Debtors Receive PPP Loans?
2020-04-25

The nearly $350 billion loan program made available to small businesses by the Coronavirus Aid, Relief, and Economic Security (CARES) Act was tapped out in less than two weeks. In response to this overwhelming demand, on Friday, April 24, 2020, an additional $320 billion was funded into the loan program, and the second round of applications for small businesses requesting these loans will open on Monday, April 27, 2020.

Filed under:
USA, Insolvency & Restructuring, Litigation, Squire Patton Boggs, Coronavirus, Paycheck Protection Program, Title 11 of the US Code, CARES Act 2020 (USA)
Authors:
Mark A. Salzberg , Stephen D. Lerner
Location:
USA
Firm:
Squire Patton Boggs
View Original Article
Consolidated Appropriations Act of 2021 Amends Bankruptcy Code Part 1: Amendments Clarifying Debtors’ Rights to Other Pandemic Relief
2021-01-26

On December 27, 2020, in response to the economic distress caused by the COVID-19 pandemic and to supplement the CARES Act enacted in March 2020, the Consolidated Appropriations Act of 2021 (the “Act”) was enacted. In addition to providing $900 billion in pandemic relief, the Act benefits both debtors and creditors by temporarily modifying the following sections of the Bankruptcy Code, which may be of particular interest to creditors:

Filed under:
USA, Insolvency & Restructuring, Litigation, Mintz, Coronavirus, Paycheck Protection Program, CARES Act 2020 (USA)
Authors:
Andrew B. Levin , Abigail O'Brient
Location:
USA
Firm:
Mintz
View Original Article
Small Business Chapter 11 Eligibility Expanded Under CARES Act
2020-04-02

President Trump signed the Small Business Reorganization Act of 2019 (the “SBRA”) into law in August of last year and it became effective on February 20, 2020. The SBRA amended the U.S. Bankruptcy Code and is designed to simplify and shorten the reorganization process for “small businesses” and to make the entire process more cost effective. At the same time that the SBRA was coming online, the U.S. economy experienced a severe downturn as a result of the COVID-19 pandemic.

Filed under:
USA, Insolvency & Restructuring, Mintz, Donald Trump, Coronavirus, CARES Act 2020 (USA)
Location:
USA
Firm:
Mintz
View Original Article
COVID-19: Small Business Bankruptcy Relief
2020-04-01

Last week, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, implementing broad relief for individuals and businesses affected by COVID-19. One of the sections of the CARES Act receiving less attention is a temporary amendment to the Bankruptcy Code to provide streamlined reorganization procedures for businesses with debt of less than $7.5 million.

Filed under:
USA, Insolvency & Restructuring, Kelley Drye & Warren LLP, Donald Trump, Coronavirus, CARES Act 2020 (USA)
Authors:
KRISTIN S. ELLIOTT
Location:
USA
Firm:
Kelley Drye & Warren LLP
View Original Article
Consumer Bankruptcy in the Age of COVID-19
2021-07-15

The last year and a half was a time to be remembered in bankruptcy law. It started with an eye on increasing the ability of small businesses to utilize the Chapter 11 process in a more efficient and less expensive way, which led to a record number of commercial filings, a reduction in consumer filings, and a test of the bankruptcy system. What will the second half of 2021 look like?

Filed under:
USA, Insolvency & Restructuring, Maurice Wutscher LLP, Coronavirus, CARES Act 2020 (USA), SCOTUS
Authors:
Alan C. Hochheiser
Location:
USA
Firm:
Maurice Wutscher LLP
View Original Article
Bankruptcy Law 2020: A Look Back and What to Expect Moving Forward
2020-12-23

The year 2020 in bankruptcy law started with an eye on increasing the ability of small businesses to utilize the Chapter 11 process in a more efficient and less expensive way, which lead to a record number of commercial filings, a reduction in consumer filings, and a test of the bankruptcy system.

SBRA aka Subchapter V

Filed under:
USA, Insolvency & Restructuring, Litigation, Maurice Wutscher LLP, Fair Debt Collection Practices Act 1977 (USA), CARES Act 2020 (USA)
Authors:
Alan C. Hochheiser
Location:
USA
Firm:
Maurice Wutscher LLP
View Original Article

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