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Article: New bankruptcy chapter may aid smaller companies, group claims. (National Association of Credit Managers)
- Article from:
- San Diego Business Journal
- Article date:
- September 30, 1991
- Author:
CopyrightCOPYRIGHT 1991 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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New bankruptcy chapter may aid smaller companies, group claims
A U.S. Senate subcommittee is considering adding a new bankruptcy chapter to give small businesses a quicker and cheaper road to financial reorganization.
The new Chapter 10 would offer relief from some of Chapter 11's cumbersome provisions. Chapter 11 reorganization, considered onerous, often puts salvageable companies out of business and provides no return to debtors.
The idea for Chapter 10 has been presented to the Senate's Courts and Administrative Practice Subcommittee by the National Association of Credit Managers.
"There's been discussion about an alternative to ...