3.0.0 1091 2022-11-01T19:17:11Z 2022-11-01T19:17:11Z Senate S 2019-04-09 116 ssju00 Judiciary Committee Senate Standing Referred to 2019-04-09T20:18:35Z Small Business Reorganization Act of 2019 116 3311 HR 2019-08-23 Became Public Law No: 116-54. Identical bill CRS 2019-04-09 ssju00 Judiciary Committee Senate Read twice and referred to the Committee on the Judiciary. IntroReferral 2019-04-09 Introduced in Senate IntroReferral 10000 9 Library of Congress G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. N W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2019-04-09 True T000476 Sen. Tillis, Thomas [R-NC] Thomas Tillis R NC Roland 2019-04-09 True K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2019-04-09 True E000295 Sen. Ernst, Joni [R-IA] Joni Ernst R IA 2019-04-09 True B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2019-04-09 True B001243 Sen. Blackburn, Marsha [R-TN] Marsha Blackburn R TN 2019-05-13 False Finance and Financial Sector Bankruptcy Corporate finance and management Jurisdiction and venue Small business Finance and Financial Sector 00 2019-04-09 Introduced in Senate 2020-06-25T14:55:51Z Small Business Reorganization Act of 2019

This bill creates new bankruptcy procedures for small businesses filing under Chapter 11 and otherwise revises provisions related to venue and trustee responsibilities in Chapter 11 bankruptcies.

For small businesses filing under these new procedures, the bill provides for the appointment of a trustee, sets forth requirements regarding the filing, contents, and confirmation of a plan of reorganization, and establishes the conditions of a discharge.

Among other things, the bill provides authority to the bankruptcy court to approve a reorganization plan for these small businesses over the objections of the creditors. Currently, creditors must generally vote to approve such a plan. Additionally, only a debtor is allowed to file a plan. Under current law, creditors may also submit plans for court approval. The bill also generally reduces the required disclosures for these small businesses.

The bill also provides additional standards a trustee must meet in order to void a preferential transfer for all Chapter 11 filers. (Preferential transfers generally occur when a debtor transfers property before filing bankruptcy that is beneficial to one creditor to the detriment of others.) Specifically, a trustee may only void such a transfer based on reasonable due diligence and must take into account a party's known or reasonably knowable affirmative defenses.

]]> Small Business Reorganization Act of 2019 Display Title Small Business Reorganization Act of 2019 Short Title(s) as Introduced Small Business Reorganization Act of 2019 Introduced in Senate IS Official Title as Introduced A bill to amend chapter 11 of title 11, United States Code, to address reorganization of small businesses, and for other purposes. Introduced in Senate IS Introduced in Senate 2019-04-09T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s1091is/xml/BILLS-116s1091is.xml 2019-04-09 Read twice and referred to the Committee on the Judiciary. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.