The Small Business Reorganization Act of 2019 (SBRA) became effective on the eve of the economic free fall stemming from the COVID-19 pandemic. Longleaf Law Partner’s bankruptcy law expert, Cindy G. Oliver, explains the new law in our 13-part series, Bankruptcy Buzz. Part 7 of 13: Unsecured creditors generally do not receive a payment on their claims in a Chapter 11 bankruptcy case until a plan of reorganization is confirmed, and a secured creditor may only receive
The Small Business Reorganization Act of 2019 (SBRA) became effective on the eve of the economic free fall stemming from the COVID-19 pandemic. Longleaf Law Partner’s bankruptcy law expert, Cindy G. Oliver, explains the new law in our 13-part series, Bankruptcy Buzz. Part 6 of 13: A small business debtor who elects to reorganize under the new Subchapter V of Chapter 11, is required to attend a status conference, as is the trustee appointed in the case,
The Small Business Reorganization Act of 2019 (SBRA) became effective on the eve of the economic free fall stemming from the COVID-19 pandemic. Longleaf Law Partner’s bankruptcy law expert, Cindy G. Oliver, explains the new law in our 13-part series, Bankruptcy Buzz. Part 5 of 13: There are no creditors’ committees in a Subchapter V small business Chapter 11 case unless the bankruptcy court deems them warranted. In a traditional Chapter 11 bankruptcy case, an unsecured
The Small Business Reorganization Act of 2019 (SBRA) became effective on the eve of the economic free fall stemming from the COVID-19 pandemic. Longleaf Law Partner’s bankruptcy law expert, Cindy G. Oliver, explains the new law in our 13-part series, Bankruptcy Buzz. Part 4 of 13: Contrary to a traditional Chapter 11, a trustee is appointed in every Subchapter V small business bankruptcy case. However, the Subchapter V trustee does not operate the debtor’s small business,
The Small Business Reorganization Act of 2019 (SBRA) became effective on the eve of the economic free fall stemming from the COVID-19 pandemic. Longleaf Law Partner’s bankruptcy law expert, Cindy G. Oliver, explains the new law in our 13-part series, Bankruptcy Buzz. Part 3 of 13: A debtor in bankruptcy is not eligible to apply for a Paycheck Protection Program (PPP) loan. And a PPP applicant that becomes a debtor in bankruptcy after submitting the PPP application,
