CLLA NEWSWIRE | FROM THE CLLA NEWSWIRE

Senate Panel OKs Bill to Make Chapter 11 More Manageable for Small Business

David Goch, Washington Legislative Counsel | May 25, 2012

On May 24, the Senate Judiciary Committee approved  S. 2370, the Small Business Reorganization Efficiency and Clarity Act, by unanimous voice vote.

The bill would modify Chapter 11 bankruptcy processes to be more manageable for small businesses hoping to remain in business and preserve jobs.

Specifically the legislation will:

• Give debtors and courts an additional 45 days to confirm bankruptcy plans
• Allow small business debtors to retain pre-filing counsel
• Eliminate a "catch all" reporting requirement
• And direct GAO and the Adminstrative Office of the U.S. Courts to report information on small business cases and make recommendations for further reform.

Go back

More From the CLLA Newswire

Danny Goldberg Memorial Video

Case Note Analysis of the Supreme Court Decision in Bullock v. BankChampaign

CLLA Update: California AG Sues JPMorgan, Alleges Abuse of Process on Debt Collection

View Photos From The Chicago Convention

Proposed Amendments to Bankruptcy Federal Rules Delivered to Congress by Supreme Court

Donate To Help Victims Of the Boston Marathon Bombing

New Claims Transfer Fee Starts May 1

IRS Requests Comments On Ch. 11 Notice

CFPB Issues Proposal to Begin Oversight of Non-bank Student Loan Services

Furthering Asbestos Claim Transparency (FACT) Act of 2013 Progresses