Supporters of a small business bankruptcy program are working to get US Senate votes needed to extend recently expired provisions that had allowed more companies to participate, a restructuring attorney said Tuesday.
Small businesses had been permitted to file for a faster reorganization process under Subchapter V of the US Bankruptcy Code if they had up to $7.5 million in debt until June 21 when a temporary extension expired, lowering the maximum to about $3 million. Congress temporarily increased the debt limit in 2020 shortly after Subchapter V was enacted, partly to aid small businesses during the Covid-19 pandemic.
Sen. ...
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