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Conflicting Court Rulings on Subchapter V Eligibility Leave Small Businesses in Limbo | Pillsbury Winthrop Shaw Pittman LLP

Two recent bankruptcy court decisions reflect a split of authority on subchapter V eligibility. In re Macedon Consulting Inc. finds that all future amounts due under an...

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Food for Thought: Can the Small Business Reorganization Act Be a Path for Restaurant Franchises? | Carlton Fields

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Both franchisees and franchisors in the restaurant industry have weathered tumultuous times due to the economic consequences of COVID-19. Franchisors faced hurdles such as having to reduce or eliminate royalties for distressed franchises dealing with shutdowns or losing franchised outlets entirely. Similarly, multiunit franchisees have struggled with a drop in sales from the pandemic. Moreover, multiunit franchisees and franchisors may be beyond the reach of certain federal relief programs, like the recently enacted American Rescue Plan Act's Restaurant Revitalization Fund, which excludes entities that, as of March 3, 2020, owned or operated more than 20 locations (together with an affiliated business), regardless of whether those locations do business under the same or multiple names. As a result of ongoing challenges, an increasing number of franchisors and multiunit franchisees may seek relief under Chapter 11 pursuant to the Small Business Reorganization Act. The act originally applied only to small business debtors with business debts below $2,725,625. However, due to the CARES Act and the recently passed COVID-19 Bankruptcy Relief Extension Act, small business debtors with debts up to $7.5 million may now seek relief under the streamlined Small Business Reorganization Act through March 27, 2022. This broadened scope may prompt struggling restaurant systems and their operators to consider whether to file for bankruptcy.

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