S.Amdt. 2519

1. Adds TITLE __--SMALL BUSINESS REORGANIZATION EFFICIENCY AND CLARITY at the end of the bill

   Adds a title

   In S. 2237 · Placed on Calendar Senate

   (ii) multiplying the limitation under subparagraph (B)(ii) of such paragraph (as so in effect) by a fraction the numerator of which is the number of days in the taxable year after December 31, 2011, and the denominator of which is the number of days in the taxable year.

   Inserted: TITLE __--SMALL BUSINESS REORGANIZATION EFFICIENCY AND CLARITY

   Inserted: SEC. __01 SHORT TITLE.

   Inserted: This title may be cited as the "Small Business Reorganization Efficiency and Clarity Act".

   Inserted: SEC. __02. FLEXIBILITY IN CONFIRMATION.

   Inserted: Section 1129(e) of title 11, United States Code, is amended by striking "45 days" and inserting "90 days".

   Inserted: SEC. __03. CLARITY IN PERIODIC REPORTING REQUIREMENTS.

   Inserted: Section 308(b) of title 11, United States Code, is amended--

   Inserted: (1) in paragraph (4), by adding "and" at the end;

   Inserted: (2) in paragraph (5), by striking "; and" at the end and inserting a period; and

   Inserted: (3) by striking paragraph (6).

   Inserted: SEC. __04. RETAINING PROFESSIONAL SERVICES.

   Inserted: (a) In General.--Section 327 of title 11, United States Code, is amended by adding at the end the following:

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   Inserted: "(g) Notwithstanding subsection (a), a person is not disqualified for employment under this section by a small business debtor solely because such person holds a claim of less than $5,000 that arose prior to the date of commencement of the case.".

   Inserted: (b) Adjustments to Dollar Amount.--Section 104 of title 11, United States Code, is amended by inserting "327(g)," after "303(b),".

   Inserted: SEC. __05. ENFORCEMENT OF SMALL BUSINESS SELECTION.

   Inserted: Section 1112(b)(4) of title 11, United States Code, is amended--

   Inserted: (1) by redesignating subparagraphs (O) and (P) as subparagraphs (P) and (Q), respectively; and

   Inserted: (2) by inserting after subparagraph (N) the following:

   Inserted: "(O) failure of a small business debtor to designate itself as a small business debtor;".

   Inserted: SEC. __06. REPORT.

   Inserted: Not later than 12 months after the date of enactment of this Act, the Comptroller General of the United States, in consultation with the Administrative Office of United States Courts and the Executive Office of United States Trustees, shall submit a report to Congress detailing--

   Inserted: (1) the number and percentage of all cases filed under chapter 11 of title 11, United States Code, in which the debtor is a small business debtor, as that term is defined in section 101(51D) of title 11, United States Code;

   Inserted: (2) the number of cases and rates of confirmations for small business debtors in cases filed under chapter 11 of title 11, United States Code, as compared with--

   Inserted: (A) all debtors in cases filed under that chapter 11;

   Inserted: (B) all debtors in cases filed under that chapter 11 that are not small business debtors;

   Inserted: (C) debtors in cases filed under that chapter 11 that--

   Inserted: (i) are not small business debtors; and

   Inserted: (ii) have less than $5,000,000 in debt;

   Inserted: (D) debtors in cases filed under that chapter 11 that--

   Inserted: (i) are not small business debtors; and

   Inserted: (ii) have less than $10,000,000 in debt;

   Inserted: (E) debtors in cases filed under chapter 12 of title 11, United States Code; and

   Inserted: (F) debtors in cases filed under that chapter 13 that are business cases;

   Inserted: (3) the number of cases filed under chapter 11 of title 11, United States Code, in which the debtor has less than $2,343,300 in debt outstanding, but does not designate itself a small business debtor;

   Inserted: (4) recommendations for improving the confirmation rate for small business debtors; and

   Inserted: (5) an analysis on whether the definition of the term "small business debtor" should be amended to include businesses with--

   Inserted: (A) less than $5,000,000 in debt; and

   Inserted: (B) less than $10,000,000 in debt.

   Original wording

   At the end, add the following:

Read automatically from the Congressional Record. Check the original before relying on it.

As printed