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Time Is Running Out On Restructuring Under New Subchapter V
The clock is ticking for small businesses (with debt of less than $7.5 million) to take advantage of a new way to restructure under Chapter 11 of the Bankruptcy Code. New Subchapter V — part of the Coronavirus Aid, Relief and Economic Security Act of 2020 (the CARES Act) — is set to expire early next year. [Editor's Note: For more on the CARES Act, see, "Unforeseen Consequences for Bankruptcy Practice In CARES Act," in the October issue of The Bankruptcy Strategist.]
The CARES Act special bankruptcy relief increased the debt limit under the Small Business Reorganization Act of 2019 (SBRA) from about $2.7 million to $7.5 million in light of the unprecedented financial distress being experienced by small businesses all across the county, including especially by small retailers and manufacturers, restaurants and services providers. The increased debt limit, which became effective Feb. 20, 2020, includes a one-year sunset.
The SBRA itself was designed to fix much of what is "broken" about Chapter 11 for small businesses, including most importantly, the "absolute priority rule" that often led to owners losing their companies. High costs and indeterminable delays also made Chapter 11 unworkable for many small businesses.
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