On February 19, 2020, Congress enacted the Small Business Reorganization Act of 2019 (“SBRA”), also known as a Sub-Chapter 5 Bankruptcy, to help small businesses through the bankruptcy restructuring process. The intent of the Sub-Chapter 5 Bankruptcy is to provide small businesses with a faster and less expensive option for reorganizing under Chapter 11. For many …
Chapter 11 Plan of Reorganization A Bankruptcy Chapter 11 Plan of Reorganization must meet certain standards before it can be approved by the court. Some of the required elements that must be included in a Chapter 11 plan of reorganization are: A clear designation of the classes of creditors’ claims that will be affected by the plan (a …
Corporate Transparency Act Seismic Shift The Corporate Transparency Act of 2019 (CTA) introduced in May 2019 was attached to the National Defense Authorization Act for Fiscal Year 2021 (NDAA) which passed the Senate on Friday, December 11, 2020 and has been sent to the President. The NDAA passed the Senate 84-13 and was approved by the …
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