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Congress created Subchapter V of Chapter 11 (Sub V) of the Bankruptcy Code to help small business debtors (companies and individuals) complete traditional reorganizations in Chapter 11. It is no secret that Chapter 11, over the years, evolved to be an expensive and uncertain remedy for those seeking its relief, especially smaller debtors. Moreover, the sale of substantially all of a debtor's assets outside the context of a Chapter 11 plan went from being the exception, in the early 1980s, to the rule today.
This explains, in part, the rise of Chapter 11 alternatives like assignments for the benefit of creditors and friendly UCC foreclosures followed by a sale of the assets of the company by the foreclosing lender back to the owners of the defaulting company (or a newco comprised by parties including them). See, Jonathan Friedland, Rise of the Alternatives for more information.
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There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
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