S. 2370 (112th): Small Business Reorganization Efficiency and Clarity Act

Introduced:
Apr 26, 2012 (112th Congress, 2011–2013)
Sponsor:
Sen. Sheldon Whitehouse [D-RI]
Status:
Died (Reported by Committee)

The bill’s title was written by the bill’s sponsor. S. stands for Senate bill.

(About Ads | Go Ad-Free for $5)
Status

This bill was introduced on May 24, 2012, in a previous session of Congress, but was not enacted.

Progress
Introduced Apr 26, 2012
Referred to Committee Apr 26, 2012
Reported by Committee May 24, 2012
Cosponsors
1 cosponsors (1R) (show)
Committees

Senate Judiciary

The committee chair determines whether a bill will move past the committee stage.

Full Title

A bill to amend title 11, United States Code, to make bankruptcy organization more efficient for small business debtors, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated May 24, 2012.
6 pages

Primary Source

View on THOMAS (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here.

Citation

Click a format for a citation suggestion:

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

5/24/2012--Reported to Senate without amendment. (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.) Small Business Reorganization Efficiency and Clarity Act -
Section 2 -
Amends federal bankruptcy law to extend from 45 to 90 days the time within which the bankruptcy court must confirm a small business bankruptcy plan under chapter 11 (Reorganization).
Section 3 -
Modifies small business debtor reporting requirements to repeal the requirement for periodic filing of financial and other reports containing such other matters as are in the best interests of the debtor and creditors and in the public interest.
Section 4 -
Modifies restrictions on employment by a trustee of professional persons to declare a person is not disqualified for such employment by a small business debtor solely because the person holds a claim of less than $5,000 that arose before commencement of the case in bankruptcy.
Section 5 -
Modifies requirements for debtor conversion from chapter 11 to chapter 7 (Liquidation), or for dismissal in chapter 11, for cause to include within the scope of "cause" the failure of a small business debtor to designate itself as a small business debtor.
Section 6 -
Instructs the Comptroller General to report to Congress detailing: (1) the number and percentage of all cases filed under chapter 11 in which the debtor is a small business debtor, and (2) recommendations for improving the confirmation rate for small business debtors.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.

No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

The bill contains the following citations to other parts of U.S. law:

United States Code

The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)

Other Citations

  • 11 U.S.C. Chapter 11