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Entity 'raquo' not defined Entity 'raquo' not defined Entity 'raquo' not defined Specification mandate value for attribute defer Opening and ending tag mismatch: link line 1 and head Specification mandate value for attribute uk-sticky attributes construct error Couldn't find end of Start Tag div line 1 Opening and ending tag mismatch: img line 1 and a Opening and ending tag mismatch: a line 1 and div Specification mandate value for attribute uk-toggle attributes construct error Couldn't find end of Start Tag a line 1 Specification mandate value for attribute uk-navbar-toggle-icon Opening and ending tag mismatch: div line 1 and a Opening and ending tag mismatch: header line 1 and div Specification mandate value for attribute flip Specification mandate value for attribute uk-close attributes construct error Couldn't find end of Start Tag button line 1 Opening and ending tag mismatch: div line 1 and button Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-search-icon Specification mandate value for attribute required attributes construct error Couldn't find end of Start Tag input line 1 Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-scroll Specification mandate value for attribute uk-scroll Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 xmlParseEntityRef: no name Opening and ending tag mismatch: body line 1 and header Specification mandate value for attribute uk-search-icon attributes construct error Couldn't find end of Start Tag a line 1 Opening and ending tag mismatch: div line 1 and a Specification mandate value for attribute uk-height-viewport Specification mandate value for attribute uk-close attributes construct error Couldn't find end of Start Tag button line 1 Opening and ending tag mismatch: div line 1 and button Specification mandate value for attribute required attributes construct error Couldn't find end of Start Tag input line 1 Opening and ending tag mismatch: img line 1 and a Opening and ending tag mismatch: a line 1 and div Opening and ending tag mismatch: header line 1 and div Specification mandate value for attribute uk-sticky attributes construct error Couldn't find end of Start Tag div line 1 Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a expected '>' Opening and ending tag mismatch: article line 1 and div Opening and ending tag mismatch: img line 1 and picture Opening and ending tag mismatch: source line 1 and a Opening and ending tag mismatch: picture line 1 and article Opening and ending tag mismatch: a line 1 and div Opening and ending tag mismatch: img line 1 and picture Opening and ending tag mismatch: source line 1 and a Opening and ending tag mismatch: picture line 1 and article Opening and ending tag mismatch: a line 1 and div Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a expected '>' Opening and ending tag mismatch: article line 1 and div Opening and ending tag mismatch: article line 1 and div Opening and ending tag mismatch: article line 1 and div Opening and ending tag mismatch: div line 1 and li Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a expected '>' Opening and ending tag mismatch: article line 1 and div Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a expected '>' Opening and ending tag mismatch: article line 1 and div Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a expected '>' Opening and ending tag mismatch: article line 1 and div Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a expected '>' Opening and ending tag mismatch: article line 1 and div Opening and ending tag mismatch: div line 1 and li Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a expected '>' Opening and ending tag mismatch: article line 1 and div Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a expected '>' Opening and ending tag mismatch: article line 1 and div Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a expected '>' Opening and ending tag mismatch: article line 1 and div Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a expected '>' Opening and ending tag mismatch: article line 1 and div Opening and ending tag mismatch: div line 1 and li Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a expected '>' Opening and ending tag mismatch: article line 1 and div Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a expected '>' Opening and ending tag mismatch: article line 1 and div Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a expected '>' Opening and ending tag mismatch: article line 1 and div Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a expected '>' Opening and ending tag mismatch: article line 1 and div Opening and ending tag mismatch: div line 1 and li Opening and ending tag mismatch: div line 1 and ul Specification mandate value for attribute uk-toggle attributes construct error Couldn't find end of Start Tag a line 1 Specification mandate value for attribute uk-navbar-toggle-icon Opening and ending tag mismatch: div line 1 and a Opening and ending tag mismatch: li line 1 and nav Specification mandate value for attribute flip attributes construct error Couldn't find end of Start Tag div line 1 Specification mandate value for attribute uk-close attributes construct error Couldn't find end of Start Tag button line 1 Opening and ending tag mismatch: div line 1 and button Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-search-icon Specification mandate value for attribute required attributes construct error Couldn't find end of Start Tag input line 1 Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 xmlParseEntityRef: no name Opening and ending tag mismatch: li line 1 and div Opening and ending tag mismatch: div line 1 and header Opening and ending tag mismatch: meta line 1 and li Opening and ending tag mismatch: meta line 1 and li Opening and ending tag mismatch: meta line 1 and li Opening and ending tag mismatch: li line 1 and ul Opening and ending tag mismatch: li line 1 and nav Opening and ending tag mismatch: hr line 1 and div Opening and ending tag mismatch: li line 1 and div Opening and ending tag mismatch: ul line 1 and div Opening and ending tag mismatch: nav line 1 and div Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a Opening and ending tag mismatch: a line 1 and div Entity 'nbsp' not defined Opening and ending tag mismatch: div line 1 and article Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a Opening and ending tag mismatch: a line 1 and div Opening and ending tag mismatch: div line 1 and article Opening and ending tag mismatch: article line 1 and div Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a Opening and ending tag mismatch: a line 1 and div Opening and ending tag mismatch: div line 1 and article Opening and ending tag mismatch: article line 1 and div Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a Opening and ending tag mismatch: a line 1 and div Opening and ending tag mismatch: div line 1 and article Opening and ending tag mismatch: article line 1 and div Opening and ending tag mismatch: hr line 1 and div Opening and ending tag mismatch: hr line 1 and div Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a Opening and ending tag mismatch: a line 1 and div Entity 'nbsp' not defined Specification mandate value for attribute uk-grid Opening and ending tag mismatch: hr line 1 and div Opening and ending tag mismatch: div line 1 and article Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a Opening and ending tag mismatch: a line 1 and div Entity 'nbsp' not defined Specification mandate value for attribute uk-grid Opening and ending tag mismatch: hr line 1 and div Opening and ending tag mismatch: div line 1 and article Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a Opening and ending tag mismatch: a line 1 and div Entity 'nbsp' not defined Specification mandate value for attribute uk-grid Opening and ending tag mismatch: hr line 1 and div Opening and ending tag mismatch: div line 1 and article Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a Opening and ending tag mismatch: a line 1 and div Entity 'nbsp' not defined Specification mandate value for attribute uk-grid Opening and ending tag mismatch: hr line 1 and div Opening and ending tag mismatch: div line 1 and article Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a Opening and ending tag mismatch: a line 1 and div Specification mandate value for attribute uk-grid Opening and ending tag mismatch: hr line 1 and div Opening and ending tag mismatch: div line 1 and article Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a Opening and ending tag mismatch: a line 1 and div Entity 'nbsp' not defined Entity 'nbsp' not defined Specification mandate value for attribute uk-grid Opening and ending tag mismatch: hr line 1 and div Opening and ending tag mismatch: div line 1 and article Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a Opening and ending tag mismatch: a line 1 and div Specification mandate value for attribute uk-grid Opening and ending tag mismatch: hr line 1 and div Opening and ending tag mismatch: div line 1 and article Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and a Opening and ending tag mismatch: a line 1 and div Opening and ending tag mismatch: div line 1 and article Opening and ending tag mismatch: article line 1 and div Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-margin Entity 'hellip' not defined Specification mandate value for attribute uk-pagination-next Opening and ending tag mismatch: article line 1 and div Opening and ending tag mismatch: article line 1 and main Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: source line 1 and picture Opening and ending tag mismatch: picture line 1 and div Specification mandate value for attribute uk-grid Opening and ending tag mismatch: hr line 1 and div Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-grid Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-scroll Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Specification mandate value for attribute uk-scroll Specification mandate value for attribute alt attributes construct error Couldn't find end of Start Tag img line 1 Opening and ending tag mismatch: hr line 1 and div Specification mandate value for attribute uk-grid xmlParseEntityRef: no name xmlParseEntityRef: no name Specification mandate value for attribute uk-grid Specification mandate value for attribute uk-totop attributes construct error Couldn't find end of Start Tag a line 1 Opening and ending tag mismatch: div line 1 and a Opening and ending tag mismatch: div line 1 and footer Opening and ending tag mismatch: footer line 1 and body Opening and ending tag mismatch: div line 1 and html Premature end of data in tag article line 1 Premature end of data in tag div line 1 Premature end of data in tag article line 1 Premature end of data in tag div line 1 Premature end of data in tag article line 1 Premature end of data in tag div line 1 Premature end of data in tag article line 1 Premature end of data in tag div line 1 Premature end of data in tag article line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag article line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag main line 1 Premature end of data in tag div line 1 Premature end of data in tag li line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag li line 1 Premature end of data in tag ul line 1 Premature end of data in tag div line 1 Premature end of data in tag nav line 1 Premature end of data in tag div line 1 Premature end of data in tag div line 1 Premature end of data in tag link line 1 Premature end of data in tag link line 1 Premature end of data in tag meta line 1 Premature end of data in tag meta line 1 Premature end of data in tag head line 1 Premature end of data in tag html line 1

SUBCHAPTER V: Essential Insights for Credit Professionals

Key Points

Subchapter V makes Chapter 11 more attractive to the “small business” debtors that are eligible to file under Subchapter V, but in many respects do so at the expense of unsecured trade creditors. While Subchapter V provides small business debtors with most (if not all) of the same benefits of a “traditional” Chapter 11 filing, it strips away certain elements of traditional Chapter 11 that benefit unsecured trade creditors.

Small business filings under Subchapter V dropped by 45% from June to July 2024 due to the reversion of the temporarily enhanced debt limit from $7.5 million to $3,024,725.

While Subchapter V has been praised for its efficiency, there are concerns over whether it truly facilitates successful reorganizations or merely delays inevitable failures.

Congress Aims for Timely Funding Deal

Ash Arnett, NACM’s Washington Representative, PACE Government Affairs

It looks like Congress made a New Year's Resolution of its own: getting its homework done on time!

Congress appears to have reached a tentative deal to keep the government open and fund it through Sept. 30. This is in stark contrast to the last two times (October and November of last year) in which a last-minute extension was passed with little notice and less than a day to spare.

New Law Requires Business Ownership Transparency

Jamilex Gotay, editorial associate

The Anti-Money Laundering Act of 2020 (AMLA) established the Corporate Transparency Act (CTA), which requires FinCEN to establish and maintain a national registry of beneficial owners of entities that are considered to be reporting companies.

Credit Managers Shed Light on Subchapter V Issues During Meeting with American Bankruptcy Institute

Annacaroline Caruso, NACM editor in chief

Several business-to-business (B2B) credit managers and bankruptcy attorneys from Lowenstein Sandler recently convened with the American Bankruptcy Institute (ABI) Subchapter V Task Force to exchange invaluable insights gleaned from their cumulative experiences in Subchapter V cases.

Debt Ceiling Fallout: Winners, Losers and What’s Next in Congress

After a month of frantic on-again, off-again negotiations between Speaker McCarthy and the White House over the debt ceiling, a bipartisan agreement was reached and eventually signed into law on June 3. Both sides immediately claimed victory and put out two very different narratives about the deal. Here’s the score as we see it:

Will the Collapse of SVB Spark Renewed Interest in Bankruptcy Reform?

Last month’s collapse of Silicon Valley Bank (SVB) saw the first real test of the new bankruptcy procedures put in place for financial institutions under Dodd Frank igniting a new debate on whether the system is working and potentially opening the door for renewed conversation on broader bankruptcy reform.

Legislative Roundup: What Will Impact Trade Credit?

California Senate Bill No. 1235 (SB 1235) Does Not Directly Impact Trade Credit

The California Department of Business Oversight recently released regulations pertaining to the content and enforcement of SB 1235, which amends California’s Financing Law (CFL) and sets forth disclosure requirements for “Commercial Financing Transactions.”

Will This be the Year for Chapter 11 Venue Reform?

More than a decade after Democrats and Republicans first united to introduce bankruptcy venue reform legislation, Congress is still trying to make headway on the issue.

Last month, Congresswoman Zoe Lofgren (D-CA) and Congressman Ken Buck (R-CO) reintroduced H.R. 1017, the Bankruptcy Venue Reform Act, legislation aimed at curtailing bankruptcy “venue shopping” by requiring that bankruptcy proceedings take place in the venue in which the entity has its principal place of business or the majority of its assets.

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