As most readers know, Subchapter V of Chapter 11 is the small business reorganization provisions enacted in the Small Business Reorganization Act (SBRA) of 2019. SBRA made major changes to how small business cases are handled in an effort to streamline the process, reduce administrative expenses and result in more confirmed Chapter 11 plans. Prior to SBRA and even continuing after enactment of SBRA, small businesses could elect treatment as a small business debtor under Chapter 11.
City Hall
City Council Passes Dozens of Bills, Resolutions During Last Meeting of 2023 Session
The Bankruptcy Amendment (Discharge from Bankruptcy) Bill 2023 (“Bill”) has been agreed to by both the House of Representative and the Senate and will now be presented to the Governor-General.
The Bill seeks to amend the Bankruptcy Act 1966 (Cth) (“the Act”) to provide legal certainty on the calculation of bankruptcy discharge dates, aligning the Act with current practices, by confirming that the discharge date is determined from when the Statement of Affairs is accepted, rather than when it was initially presented.
Why the change?
As discussed in our prior blog entitled “New York’s Sovereign Debt Restructuring Proposals,”[1] three bills were introduced in the New York state legislature to overhaul the way sovereign debt restructurings are handled in New York. Those bills sought to implement a comprehensive mechanism for restructuring sovereign debt, limit recovery on certain sovereign debt claims, and amend the champerty defense.
On 22 Sept 2023, the Australian government responded to the Whittaker Review, releasing the Personal Property Securities Amendment Bill 2023 for public consultation until 17 Nov 2023.
Overview of the Whittaker review and Government's response
Introduction The new meme, increasingly used to describe the current state of the economy, is a “rolling recession,” rather than the hard or soft landing many commentators expected. In other words, we are experiencing mild slumps rippling through the economy that have the potential to slow inflation without radically impacting the labour market.
Three scholars published a new analysis of Chapter 7 and Chapter 11 consumer bankruptcy filings that is likely both the broadest and the most targeted study of consumer bankruptcy filing since Teresa A. Sullivan, Elizabeth Warren and Jay Lawrence Westbrook published The Fragile Middle Class: Americans in Debt. The new study by Professors Pamela Foohey, Robert M. Lawless and Deborah Thorne is titled
A key temporary bankruptcy related response to the pandemic has been re-implemented and extended with the passage of the Bankruptcy Threshold Adjustment and Technical Corrections Act (the “Act”) which extends the increase in the subchapter V debt limit for eligible businesses to $7.5 million for another two years.
Client Alert
On May 7, 2020, New York Gov. Andrew Cuomo enacted Executive Order No. 202.28, which extended and expanded — but in some cases narrowed — the temporary suspension of several New York state laws due to the COVID-19 crisis. The Executive Order impacts many industries and individuals in New York state, including both commercial and residential landlords and tenants.
While it did not focus on bankruptcy relief, the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act contained provisions relating to small bankruptcy debtors.