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The Senate GOP’s proposed coronavirus relief legislation package, commonly known as the HEALS Act, contains numerous provisions that will be of especial import to insolvency professionals. The HEALS Act is comprised of eight smaller bills targeting specific areas of concern. Please click here to find out more.
As most bankruptcy practitioners know, Congress adopted the Small Business Reorganization Act of 2019 (SBRA) in August 2019.[2] It took effect on Feb. 19, 2020, and is codified as subchapter V of chapter 11, title 11, U.S. Code, 11 U.S.C. §§ 1181-1195. The purpose of this article is to provide a brief summary of the factors weighing in favor of a prospective chapter 11 debtor’s choosing to file a subchapter V case, and a frame of reference for further exploration.
On March 27, 2020, Congress passed the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act)[1] in order to “provide emergency assistance and health care response for individuals, families, and businesses affected by the 2020 coronavirus pandemic.”[2] The CARES Act made several revisions to the Bankruptcy Code, including (1) increasing the unsecured debt limit for small business debtors from $2.7 million to $7.5 million, (2) excluding the tax rebates paid to individuals from the definition of “c
