Bill SponsorBILLSPONSOR
Bill Sponsor
Politicians
Bills
House Bill 3311
116th Congress(2019-2020)
Small Business Reorganization Act of 2019
Became Law
Became Law
Became Public Law 116-54 on Aug 23, 2019
Overview
Text
Sponsor
Republican
Introduced
Jun 18, 2019
Latest Action
Aug 23, 2019
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
3311
Congress
116
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Republican
Ben Cline
Virginia
Republican
Doug Collins
Georgia
Democrat
David Cicilline
Rhode Island
Democrat
Steve Cohen
Tennessee
House Votes (1)
Senate Votes (1)
checkPassed on July 23, 2019
Status
Passed
Type
Voice Vote
Voice Vote
A vote in which the presiding officer states the question, then asks those in favor and against to say "Yea" or "Nay," respectively, and announces the result according to his or her judgment. The names or numbers of senators voting on each side are not recorded.
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7217-7219)
Summary

Small Business Reorganization Act of 2019

This bill creates new bankruptcy procedures for small businesses filing under Chapter 11 and otherwise revises provisions related to venue and trustee responsibilities in Chapter 11 bankruptcies.

For small businesses filing under these new procedures, the bill provides for the appointment of a trustee, sets forth requirements regarding the filing, contents, and confirmation of a plan of reorganization, and establishes the conditions of a discharge.

Among other things, the bill provides authority to the bankruptcy court to approve a reorganization plan for these small businesses over the objections of the creditors. Currently, creditors must generally vote to approve such a plan. Additionally, only a debtor is allowed to file a plan. Under current law, creditors may also submit plans for court approval. The bill also generally reduces the required disclosures for these small businesses.

The bill also provides additional standards a trustee must meet in order to void a preferential transfer for all Chapter 11 filers. (Preferential transfers generally occur when a debtor transfers property before filing bankruptcy that is beneficial to one creditor to the detriment of others.) Specifically, a trustee may only void such a transfer based on reasonable due diligence and must take into account a party's known or reasonably knowable affirmative defenses.

Text (5)
Enrolled Bill
Received in Senate
July 24, 2019
Reported in House
July 23, 2019
Engrossed in House
July 23, 2019
Introduced in House
June 18, 2019
Related Bills (1)
Apr 09, 2019
Introduced in Senate
7
Sponsorship
Senate Bill 1091
Small Business Reorganization Act of 2019
Introduced
Type
Identical Bill
Identical Bill
A bill that is word-for-word identical to another bill. Bills are characterized as identical to each other at the introduced stage only, even though a later (e.g., reported or passed) version of a bill might meet the same criteria for text similarity. Companion measures, procedurally-related measures, and legislation with text similarities are other related bill types.
Identified By
CRS
Actions (20)
08/23/2019
Became Public Law No: 116-54.
08/23/2019
Signed by President.
08/13/2019
Presented to President.
08/01/2019
Message on Senate action sent to the House.
08/01/2019
Passed Senate without amendment by Voice Vote. (consideration: CR S5321)
08/01/2019
Passed/agreed to in Senate: Passed Senate without amendment by Voice Vote.(consideration: CR S5321)
07/24/2019
Received in the Senate, read twice.
07/23/2019
Motion to reconsider laid on the table Agreed to without objection.
07/23/2019
On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H7217-7219)
07/23/2019
Passed/agreed to in House: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote.(text: CR H7217-7219)
07/23/2019
DEBATE - The House proceeded with forty minutes of debate on H.R. 3311.
07/23/2019
Considered under suspension of the rules. (consideration: CR H7217-7220)
07/23/2019
Mr. Cicilline moved to suspend the rules and pass the bill, as amended.
07/23/2019
Placed on the Union Calendar, Calendar No. 131.
07/23/2019
Reported by the Committee on Judiciary. H. Rept. 116-171.
07/11/2019
Ordered to be Reported by Voice Vote.
07/11/2019
Committee Consideration and Mark-up Session Held.
06/28/2019
Referred to the Subcommittee on Antitrust, Commercial, and Administrative Law.
06/18/2019
Referred to the House Committee on the Judiciary.
06/18/2019
Introduced in House
Public Record
Record Updated
Nov 1, 2022 1:50:29 PM
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