New SNW.LAW Partner Ryan Richmond led a brief discussion on small business reorganization during our Wednesday Webchat this week.

Historically, small businesses have struggled to reorganize effectively and efficiently in a chapter 11 bankruptcy. Both debtors and creditors have wasted time and money in a process designed for multimillion dollar companies.

Last year, Congress enacted the Small Business Reorganization Act of 2019 (SBRA) to address these issues. The SBRA gives small businesses greater control over the reorganization process by eliminating unnecessary procedural burdens and costs.