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The Small Business Reorganization Act of 2019 (SBRA), which took effect earlier this year, added a new Subchapter V to Chapter 11 of the Bankruptcy Code, intended to make Chapter 11 more affordable, efficient, and beneficial for small businesses (especially those whose owners might otherwise lose their equity in a traditional Chapter 11 case).
Just weeks after taking effect, the SBRA was amended by the CARES Act for one year, expanding Subchapter V eligibility to significantly more debtors by increasing the limitation on how much debt a business or individual may owe to creditors and still qualify as a "small business debtor," under the Bankruptcy Code.
In its first several months of life, early indications are that Subchapter V is gaining popularity. This article provides a brief overview of the SBRA and these first several months of its use — especially in light of the COVID-19 pandemic — concluding that in 2021, Congress should permanently adopt the CARES Act's expanded definition of a "small business debtor" as including businesses with up to $7.5 million in aggregate non-contingent liquidated debts.
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This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
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