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| vol 19, num 2 | November 2024 |
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| Co-Chairs’ Corner |
At the upcoming Winter Leadership Conference, taking place Dec. 12-14 in Scottsdale, Ariz., the Commercial and Regulatory Law and Secured Credit Committees are hosting a joint panel, “Remote Control: Not Just for Toys Anymore,” on Dec. 13 at 9:30 a.m. with the participation of the following speakers:
- Moderator: Ian Rubenstrunk, attorney at Spencer Fane LLP;
- Prof. Juliet Moringiello, Widener University Law School;
- David Gold, senior vice president and associate general counsel, Global Operations Legal at Bank of America; and
- Carolina Velaz Rivero, attorney at Marini Pietrantoni Muñiz, LLC.
This panel will discuss issues arising from the development of a new class of collateral: that which is remotely controllable. If you still need to register, visit www.abiwlc.org.
Happy Hour
The Commercial and Regulatory Law Committee invites its members to attend an informal happy hour at the upcoming Winter Leadership Conference. Please meet us on Dec. 13 from 4:15-5:30 p.m. at the Thirsty Camel, which is located next to the lobby in the Phoenician Scottsdale. We will be meeting on the patio. We look forward to seeing everyone there. |
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| A Primer on Discharge Exceptions for Subchapter V Professionals |
| Subchapter V of the Bankruptcy Code provides an affordable and efficient means of financial rehabilitation to the owners of small businesses. In service of these ends, “[t]he debtor has the opportunity to use new, powerful tools to reorganize and save its business; but it must do so quickly.”
Languidly pursuing reorganization is antithetical to the governing provisions under which a subchapter V debtor voluntarily elects to proceed. Are middle-market practitioners overlooking an important limitation to their clients’ discharges in this mad rush to confirmation?
Corporate Debtors in Subchapter V Receive a Circumscribed Discharge in Cramdown Cases
Chapter 11 debtors must satisfy a complicated statutory framework that strikes a delicate “balance between a debtor’s interest in reorganizing and restructuring its debts and the creditors’ interest in maximizing the value of the bankruptcy estate.” Yet one complication that commercial practitioners never faced before the adoption of subchapter V was the burden of determining the scope of a chapter 11 debtor’s discharge. Except in the cases of individual debtors and liquidating chapter 11 plans, § 1141(d) generally discharges a corporation’s preconfirmation debts whether or not a proof of claim was filed, the claim was allowed or the claimant accepted the plan. |
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