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Small Business Reorganizations under New Subchapter V of Chapter 11 of the Bankruptcy Code

SKU: BNK4700
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Available In:
General Credits
1.25
Price$50
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Description

The purpose of this CLE program will be to discuss the changes to the new Subchapter V of the bankruptcy code and its impact on small business reorganizations. On August 23, 2019, President Trump signed into law the Small Business Reorganization Act of 2019 (“SBRA”), Pub. L. No. 116-54 (2019). Congress increased the cap to $7,500,000 for the next year as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act from $2,725,625.00. SBRA became effective on February 19, 2020. These provisions are not a new chapter of the bankruptcy code, but a subchapter of chapter 11 of the bankruptcy code and the existing chapter 11 sections will apply unless otherwise modified by Subchapter V.

There are 3 chapters of the bankruptcy code that are used in this district and they are chapter 7, chapter 13 and chapter 11. Subchapter V is a subchapter of chapter 11 and not a new chapter of the Bankruptcy Code. In the way of background, chapter 7 cases are liquidations for individuals or businesses, chapter 13 are organizations for individuals (not businesses) where the individual uses 3 to 5 years of future earnings (disposable income) to pay creditors and chapter 11 are reorganizations or liquidations for individuals or businesses. As will be discussed below Subchapter V is a blend of chapter 11 and chapter 13 and the goal of the law is to make it easier and cheaper for small businesses to reorganize! In this district, 90% of chapter 11 filings are unable to reorganize and those cases are converted to chapter 7 (closed by the Bankruptcy Trustee) or dismissed as “no asset” cases. This change in the law is an attempt by Congress to simplify the reorganization process and reduce the cost of small business chapter 11 filings. Subchapter V can be found at 11 U.S. Code sections 1182 through 1195.

Lecturer Bio

James H. “Jim” Shenwick, Esq.

James (Jim) Shenwick is the principal and owner of Shenwick & Associates, based out of New York City (Manhattan) with a practice limited to personal and business bankruptcy, short sales, workouts, real estate leasing (office, retail, restaurant), asset protection planning, taxi medallion workouts, distressed restaurants and tax controversy work including IRS offers in compromise and installment agreements.

Shenwick & Associates is a small law firm that is disciplined, cost effective and leverages technology to zealously represent clients legally and strategically.

Jim Shenwick has practiced law for 30 years. Jim specializes in:

  • Filing bankruptcy petitions for individuals and businesses (over 500 to date)
  • Defending Adversary Proceedings brought by Bankruptcy Trustees for fraudulent conveyance
  • Asset protection planning
  • Filing offers in compromise with IRS
  • Reviewing and negotiating office leases for Tenants (over 250 to date)
  • Workouts and short sales for real estate clients, representing buyers and sellers of townhouses, coop's, condominiums and houses
  • Reviewing and negotiating AIA Construction documents for owners with contractors and architects

Jim Shenwick is listed in the 2020 Martindale-Hubbell® Bar Register of Preeminent Attorneys™.

Jim Shenwick graduated from the University of Pennsylvania Wharton School Undergraduate Division in 1979, the Boston University Law School of Law in 1982 and the New York University School of Law Graduate Tax Program in 1983. He is admitted to the bar in the State of New York and admitted to practice law in the Southern District of New York and the Eastern District of New York. He has practiced law for 30 years and has a practice limited to real estate and bankruptcy law.

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