Senate Eyes Expanded Ch. 12 For Small Businesses

Law360, New York (March 18, 2010, 2:54 PM EDT) -- The Senate Judiciary Committee is weighing a proposal to amend the Bankruptcy Code to allow more small businesses to opt for Chapter 12 rather than Chapter 11 filings, in order to pare down the economic havoc some experts say is wreaked on small companies by the Chapter 11 process.

Judiciary Committee members met Wednesday to discuss the National Bankruptcy Conference's suggestion that Chapter 12 — a type of bankruptcy reorganization currently open only to family farms and fishermen — be opened to a wider group of...
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