James Silver is an “AV” rated Partner and Business Unit Leader for the firm’s Commercial Creditors Rights Bankruptcy Practice. With over 40 years of experience, James is a commercial litigator who concentrates his practice on business bankruptcies, receiverships, the enforcement of creditors’ rights, and complex commercial litigation. As a Trial Attorney, James has handled commercial disputes in a wide variety of practice areas. His experience includes individual and class shareholder actions, Ponzi scheme litigation, shareholder derivative suits, fraudulent transfer litigation, disputes between owners and among shareholders or stakeholders, lender liability claims, litigation arising in connection with distressed assets, securities litigation, class action defense, banking litigation, misappropriation of trade secrets and general bankruptcy litigation.
Small business bankruptcy filings are on the rise, but a legislative lapse means Chapter 11 is temporarily off the table for thousands of commercial debtors.
A temporary Covid-era measure that lets small businesses with up to $7.5 million in debt file Chapter 11 under a new, streamlined process is set to expire this month, stirring attorneys’ anticipation that more companies will declare bankruptcy before the window closes.
You could look at it as a wash. I still think, because of that subset of cases that would never have filed but for subchapter V, that ultimately the balance dips in favor of it being a good thing for bankruptcy practitioners.
There’s no vehicle to come back and change things.