On Saturday, President Joe Biden signed the COVID-19 Bankruptcy Relief Extension Act. The legislation will extend personal and small business bankruptcy relief provisions that were part of last year’s CARES Act through March 27, 2022.
The “Bankruptcy Administration Improvement Act of 2020” was signed into law on Wednesday. The act previously passed the Senate and the House of Representatives. Among its provisions, the bill reduces the amount of quarterly fees paid and simplifies the free structures in Chapter 11 cases.
The American Bankruptcy Institute promoted Karim Guirguis, PMP, CAE, to chief operating officer and Mary Kleppinger, SHRM-SCP, to chief people and culture officer.
The American Bankruptcy Institute wrote to Congress formally requesting that debtors who have filed bankruptcy cases remain eligible for Paycheck Protection Program loans, notwithstanding their respective bankruptcy filings, in any future amendments or legislation addressing PPP funding.
Commercial Chapter 11 filings increased 46% in November 2020 compared with November of last year, according to data provided by Epiq.
Total U.S. bankruptcy filings in October decreased 41% from last year, according to data provided by Epiq Systems. Commercial Chapter 11 filings increased slightly, with the 550 filings in October 2020 up 4% over the 530 recorded in October 2019.
Total commercial Chapter 11 filings in July 2020 increased 52% from the previous year, according to data provided by Epiq.
The ABI reported total commercial Chapter 11 filings during the first six months of 2020 increased 26% to 3,604 from the 2,855 total filings during the same period in 2019, according to data provided by Epiq.
According to data from the American Bankruptcy Institute, 471 small businesses elected to file for bankruptcy relief under the new Subchapter V to Chapter 11 of the Bankruptcy Code since it was enacted.
Bankruptcy judge Barbara Houser, president of the American Bankruptcy Institute, issued a statement on ABI’s commitment to diversity and inclusion, including an update on the work of ABI’s diversity and inclusion working group.