The Small Business Reorganization Act (SBRA) became effective in February 2020.[1] The SBRA, or subchapter V, is intended to encourage small businesses to use the Bankruptcy Code to reorganize by reducing the costs and administrative burdens associated with a typical chapter 11 case.
Committees
The U.S. Trustee Program (USTP), an arm of the Department of Justice that provides oversight for bankruptcies in all but two states, is funded by fees charged to debtors (U.S. Trustee fees). In Alabama and North Carolina, a Bankruptcy Administrator program, run by the Judicial Conference of the United States, provides a similar function and charges its own fees (Bankruptcy Administrator fees).
In a recent decision in “a matter of first impression,” the U.S. Court of Appeals for the Third Circuit squarely rejected the view that “triangular setoffs” fall within the protective circle of § 553 of the Bankruptcy Code.
On March 27, President Joseph Biden signed the COVID-19 Relief Extension Act into law. The Act extends for another full year the provisions of the Coronavirus Aid, Relief and Economic Security Act (CARES Act) that temporarily modified the Bankruptcy Code and the Small Business Reorganization Act of 2019 (SBRA), or subchapter V of chapter 11.
In 2020, New York State passed the COVID-19 Emergency Eviction and Foreclosure Prevention Act of 2020[1] (“moratorium”).
Although COVID-19 forced many in our legal community to adapt to working remotely, the Young and New Members Committee remained incredibly productive this year. Below are some highlights — both past and future — since our update earlier this year.
Quarterly Newsletters
On April 10, 2020, a panel of the Eleventh Circuit Court of Appeals unanimously held in Lawson-Ross v. Great Lakes Higher Ed.
By enacting the Small Business Reorganization Act of 2019 (SBRA), Congress sought to provide small businesses the opportunity to avail themselves of the benefits of chapter 11 reorganization under the Bankruptcy Code.[2] As the heart of the SBRA, subchapter V aims to lower the high costs and complexities associate
The legal and economic side effects of the COVID-19 outbreak will continue for some time across Turkey. A major area of interest for the future health of the Turkish economy is bankruptcy law. In this context, we aim to explain bankruptcy proceedings in Turkey in general and predict what will be expected in the future in the eye of Turkish insolvency law.
A consumer client comes in for a bankruptcy consultation. You can’t just look at their financial situation, you must also examine their life: who do they live with, where do they work, where does their spouse work? Perhaps one of the more difficult questions consumers face is whether they want to keep their car. Consumers need to know what their options are if they surrender their cars.
Co-Chair
Preti Flaherty, LLP
Portland, ME
(207) 791-3000
Co-Chair
Cozen O'Connor
Chicago, IL
(312) 474-4455
Education Director
Levenfeld Pearlstein LLC
Chicago, IL
(630) 308-2487
Membership Relations Director
Bernstein Shur
Portland, ME
(207) 774-1200
Membership Relations Director
Neal and Leroy, LLC
Chicago, IL
(708) 250-8120
Newsletter Editor
Frost Brown Todd, LLC
Cincinnati, OH
(513) 651-6800
Special Projects Leader
Onsager | Fletcher | Johnson | Palmer LLC
Denver, CO
(720) 457-7059