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On Aug. 23, 2019, Congress enacted the Small Business Reorganization Act of 2019 (SBRA), which became effective on Feb. 19, 2020, creating Subchapter V of Chapter 11 of the Bankruptcy Code (11 U.S.C. §§1181-1195 Subchapter V). Subchapter V made several substantive and procedural changes to the Code, which were intended to streamline the Chapter 11 process for small business debtors by eliminating certain requirements that made it more difficult and expensive for small businesses to reorganize. For those who qualify, Subchapter V is now an advantageous way to reorganize a business.
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Seventh Circuit Applies Safe Harbor to Private Securities Transaction
By Michael L. Cook
“… [T]he term ‘securities contract’ as used in [Bankruptcy Code] §546(e) unambiguously includes contracts involving privately held securities,” The Seventh Circuit held in Petr v. BMO Harris Bank, N.A.
By Lawrence J. Kotler and Elisa Hyder
In Lafferty v. Off-Spec Solutions, the U.S. Bankruptcy Appellate Panel of the Ninth Circuit held that the discharge exceptions under Section 523(a) do not apply to corporate debtors under Subchapter V of Chapter 11 of the Bankruptcy Code.
Merchant Cash Advances Could Be More Trouble Than They’re Worth
By Joseph Pack and Jessey Krehl
As small-business owners have continued to struggle in an uncertain economy, a growing number have begun the dangerous practice of relying on merchant cash advances — essentially seeking financial shelter in a lion’s den.
Biotech Industry Bankruptcy Case Update: ‘Zymergen’ and ‘Humanigen’
By Edward E. Neiger, Marianna Udem and Joo Hee Park
This Bankruptcy Case Update focuses on the recent biotech industry bankruptcy cases of Zymergen and Humanigen.
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