On August 23, 2019, President Donald Trump signed into law the Small Business Reorganization Act of 2019, which will go into effect in February 2020. The act creates a new Subchapter V under Chapter 11 of the US Bankruptcy Code. The act eliminates some of the more costly elements of traditional Chapter 11 relief, such as disclosure statements, and in some ways is modeled after expedited procedures used in Chapter 12 and 13 cases. The act was designed to promote simplicity and efficiency for reorganization of small-business debtors. Highlights of the act include the following: Continue reading >