Adam Prescott Co-Authors Article about Subchapter V and Individual Debtors in ABI Journal, October 2023 Edition
Adam Prescott, shareholder in the firm’s Business Restructuring & Insolvency Practice Group, co-authored an article with Drummond Woodsum Shareholder Kellie Fisher in the October 2023 edition of the American Bankruptcy Institute (ABI) Journal, entitled: Untangling the Sub V Eligibility Criteria for Individual Debtors.
Over three years and 5,000 cases into the Small Business Reorganization Act of 2019, there is growing consensus around the broad scope of the “commercial or business activities” requirements, including for individual debtors. The article explores how courts are interpreting section 1182(1) of the Bankruptcy Code (which defines who may be a “debtor” under subchapter V of chapter 11) for individual debtors and considers what court decisions indicate for individuals hoping to benefit from the protections and powers of subchapter V.
Read the whole article here.
Adam Prescott works with businesses and individuals in bankruptcy, insolvency, restructuring, and other complex commercial matters to help them maximize the value of their assets and achieve their ﬁnancial and personal goals through creative, pragmatic, and results-oriented advocacy.