In re Cleary Packaging, LLC No. 21-1981 signals a departure from the trend of lower courts that have considered the issue and places more pressure on subchapter V debtors to confirm consensual plans in the Fourth Circuit.
On June 7, 2022, the Fourth Circuit Court of Appeals unanimously held that the exceptions to discharge found in section 523(a) of the Bankruptcy Code, which ordinarily exclusively apply.
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The Small Business Restructuring Act of 2019, Pub. L. 116-54, 133 Stat. 1079 (Aug. 23, 2019) (“SBRA”) became effective February 19, 2020. SBRA, among other things, created a new Subchapter V under Chapter 11 of Title 11 of the United States Code, designed to provide business debtors a more streamlined bankruptcy process for reorganization. The streamlined process was expected to reduce the time and expense of small business reorganizations when compared to the current Chapter 11 process. Subchapter V is available to both individuals and business entities who have primarily business debts and subject to a number of eligibility limitations.