Sec. 240001. Small business debtor reorganization
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/bill/116/hr/6379/ih/section-240001·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1182(1) of title 11, United States Code, is amended to read as follows: The term debtor — subject to subparagraph (B), means a person engaged in commercial or business activities (including any affiliate of such person that is also a debtor under this title and excluding a person whose primary activity is the business of owning single asset real estate) that has aggregate noncontingent liquidated secured and unsecured debts as of the date of the filing of the petition or the date of the order for relief in an amount not more than $7,500,000 (excluding debts owed to 1 or more affiliates or insiders) not less than 50 percent of which arose from the commercial or business activities of the debtor; and does not include— any member of a group of affiliated debtors that has aggregate noncontingent liquidated secured and unsecured debts in an amount greater than $7,500,000 (excluding debt owed to 1 or more affiliates or insiders); any debtor that is a corporation subject to the reporting requirements under section 13 or 15(d) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78m , 78o(d)); or any debtor that is an affiliate of an issuer, as defined in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c ). .
Section 103(i) of title 11, United States Code, is amended by striking small business debtor and inserting debtor (as defined in section 1182) . The amendment made by subsection
(a)shall apply only with respect to cases commenced under title 11, United States Code, on or after the date of enactment of this Act. Section 101(51D)(B)(iii) of title 11, United States Code, is amended to read as follows: any debtor that is an affiliate of an issuer (as defined in section 3 of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c )). . Section 347(b) of title 11, United States Code, is amended by striking 1194 and inserting 1191 . On the date that is 1 year after the date of enactment of this Act, section 1182(1) of title 11, United States Code, is amended to read as follows: The term debtor means a small business debtor. .
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