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Business Bankruptcy

BUSINESS BANKRUPTCY

The Law Office of Charles A. Higgs filed the first Subchapter V, Chapter 11 Bankruptcy Case in the Southern District of New York under the Small Business Reorganization Act. The Small Business Reorganization Act, which went into effect on February 19, 2020, added the option for small businesses to file bankruptcy under newly enacted Subchapter V of Chapter 11 of the Bankruptcy Code. Subchapter V provides small businesses with a number of benefits that were not previously available in Chapter 11 bankruptcy cases, including allowing equity owners to retain their interest in the business without paying creditors in full, allowing a plan to be confirmed without the consent of any creditors, and extending the time to pay certain administrative claims.

The Law Office of Charles A. Higgs has represented businesses in a wide variety of industries, including Real Estate, Tech, Medical, Food, and Transportation, in cases under Chapter 11 of the Bankruptcy Code.

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