Congressman Tom Marino along with Representatives Doug Collins (R-GA), and David Cicilline (D-RI) introduced, H.R. 7190, the Small Business Reorganization Act (SBRA). Senate Judiciary Chairman Chuck Grassley (R-IA) and Senator Sheldon Whitehouse (D-RI) introduced companion legislation in the Senate. The bill will streamline existing bankruptcy procedures and provide new tools to increase a small business ability to achieve a successful restructuring.
Chapter 11 in the bankruptcy code was designed for administering complex business reorganizations involving multi-million dollar companies. Though several provisions specifically focus on small business debtors, a significant amount of research shows that Chapter 11 may still create…
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