Amendments to Bankruptcy Code Go Into Effect in Time to Help Small Businesses Affected by the COVID-19 Pandemic
In August 2019, Congress enacted the Small Business Reorganization Act of 2019 (“SBRA”), in order to make small business bankruptcies faster and less expensive. The new subchapter to Chapter 11 of the Bankruptcy Code was enacted specifically for “small business debtors” which are defined to include individuals and entities such corporations or limited liability companies engaged in business or commercial…