Thomas R. Slome and Jil Mazer-Marino to Speak Live via Zoom for the New York City Bar AssociationMay 8, 2020
Attorneys Thomas R. Slome and Jil Mazer-Marino will be speaking live via Zoom for the New York City Bar Association on Wednesday, May 20, 2020 from 12:30 pm to 2 pm. The webinar is titled: "A Lifeline for Small and Medium-Sized Businesses in Distress: A Practical Guide to the Small Business Reorganization Act (SBRA) as Supercharged by the CARES Act."
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This program is designed to inform small and medium-sized businesses and their attorneys, accountants and other financial advisors, about recent amendments to the Small Business Reorganization Act (SBRA). The new law allows for a faster, more effective and less expensive way for businesses to reorganize their debts, owners to hold on to their businesses and employees to keep their jobs, all of which are of critical importance to our economy during these particularly troubled times. Under the CARES Act (enacted in response to the COVID-19 pandemic), Congress increased for a one-year period the debt limit to file under the SBRA almost three-fold, to $7.5 million, making many more businesses eligible to restructure their debts using the new streamlined procedures—whether or not their debts are related to the pandemic.
The program will include views from a Bankruptcy Judge and one of the new “pool” trustees appointed in every case in order to help facilitate reorganizations. Our panelists will provide an overview of the new law, with comparisons to other more traditional parts of the Bankruptcy Code, as well as a deep dive into how a business may use the new law to reorganize, featuring specific examples. We will also discuss various open issues that the law does not address, providing businesses (including individuals whose debts are primarily business related) and their professionals with options to help troubled businesses survive and potentially thrive.