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Limitations to Subchapter V suggest that it will be of no use to all but very small companies, but before turning completely away from the topic, there are other considerations in play.
The current $7.5 million debt cap which a debtor cannot exceed, pursuant to Bankruptcy Code §1182, to qualify to elect Subchapter V treatment (under Code §103) is well understood: the amount doesn’t include debts that are owed to an affiliate or an insider; for purposes of calculating the cap, the debts of the particular debtor must be aggregated with the debts of any affiliate that is also in bankruptcy; and the cap is determined as of the Petition Date.
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The Small Business Reorganization Act: How It Started. How it’s Going. Where to Next?
By Jack O’Connor
By further expanding access to a streamlined Chapter 11 process, the SBRA will ensure that a wider array of debtors have the ability of reorganizing themselves, when Chapter 11 was previously too cost-prohibitive for such debtors.
State High Court Preserves Lenders’ Tort Claims Against Debtors’ Insiders
By Michael L. Cook
A lender’s state law tort claims against “non-debtor third-parties for tortious interference with a contract” were “not preempted” by “federal bankruptcy law,” held the New York Court of Appeals.
Implications of Transfer of Attorney-Client Privilege In Bankruptcy Cases
By Andrew C. Kassner and Joseph N. Argentina Jr.
One of the most misunderstood areas of law for non-bankruptcy and bankruptcy attorneys alike is the attorney-client privilege, including the scope of the privilege, who holds it, and when and by whom it can be waived. As is often the case, in bankruptcy, additional complexities arise.
Bankruptcy Court Responses to COVID-19 Relief Orders
By Richard Levy Jr.
The economic impact of COVID-19-related shutdown orders, and the governmental directives, raise questions of how bankruptcy courts will respond.
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