Prepared by Marcus Pratt, Attorney – Korde & Associates, P.C. serving all of New England
As we turn the page on 2019 and embark on a new decade, debtors’ attorneys will be armed with new tools in their “bankruptcy tool belts.” Effective February 19, 2020, the provisions of the Small Business Reorganization Act of 2019 (“SBRA”)—known colloquially as Subchapter V of Chapter 11—go into effect. Subchapter V adopted to create streamlined procedures for the Bankruptcy Court, potentially resulting in reduced costs (and related benefits) for individual small business debtors—with an emphasis on debtors under the Subchapter being able to file consensual plans of reorganization.
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