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Small Business Debt Restructuring: New Rules and Protections.

This Act introduces technical corrections to small business restructuring regulations, making it easier for them to overcome financial difficulties. The changes clarify definitions and responsibilities, and introduce more flexible conditions for approving debt repayment plans, which can help entrepreneurs maintain operations and jobs. Citizens may experience indirect benefits through the stabilization of local economies and reduced risk of small business failures.
Key points
Clarifications in the definitions of small business debtors, potentially expanding the pool of companies eligible for simplified restructuring.
Precise definition of the trustee's role and powers in the restructuring process, including the authority to operate the debtor's business.
Introduction of more flexible conditions for approving debt repayment plans, offering protection to creditors even if future payments are uncertain.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_2679
Sponsor: Sen. Grassley, Chuck [R-IA]
Process start date: 2021-08-09
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Small Business Reorganization Technical Corrections Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_2679.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-08-09.

What are the main provisions?

Key points include:

  • Clarifications in the definitions of small business debtors, potentially expanding the pool of companies eligible for simplified restructuring.
  • Precise definition of the trustee's role and powers in the restructuring process, including the authority to operate the debtor's business.
  • Introduction of more flexible conditions for approving debt repayment plans, offering protection to creditors even if future payments are uncertain.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Grassley, Chuck [R-IA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Economy Courts and Law