Senate Bill Would Scale Down Ch. 11 For Small Cos.

Law360, New York (August 5, 2010, 4:12 PM EDT) -- The Senate Judiciary Committee on Thursday began considering a bill from Sen. Sheldon Whitehouse, D-R.I., that would create a subsection of Chapter 11 bankruptcy designed to better meet the reorganization needs of small businesses.

S. 3675, the Small Business Job Preservation Act of 2010, will go up for a committee vote when senators return from their August recess in September in order to give lawmakers more time to put finishing touches on the bipartisan proposal, Judiciary Committee chairman Patrick Leahy, D-Vt., announced during a committee business...
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