Chapter 11 bankruptcy filings for small and closely held businesses has generally been a lengthy and sometimes costly process. Recent legislation has changed that proposition and given businesses another option to stop, take a breath and reorganize with the help of the courts.
The Small Business Reorganization Act (SBRA) provides for reduced costs, a more streamlined approval process and greater protections for the current ownership or management. Over the objection of creditors, eligible companies can present a plan of reorganization that is 'fair and equitable' rather than mechanical. And ownership can remain in place, better prepared for future success.
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