Section 1 Short title
This Act may be cited as the “Small Business Reorganization Technical Corrections Act”.
Small Business Reorganization Technical Corrections Act
A BILL
To amend title 11, United States Code, to make clarifications with respect to amendments made by the Small Business Reorganization Act, and for other purposes.
Sec. 2 Title 11 amendments
Definition of small business debtor— Section 101(51D)(B)(iii) of title 11, United States Code, is amended by striking “an issuer” and all that follows and inserting “a corporation described in clause (ii).”.
Definition of debtor— Section 1182(1)(B) of title 11, United States Code, is amended—
in clause (i), by inserting “under this title” after “affiliated debtors”; and
in clause (iii), by striking “an issuer” and all that follows and inserting “a corporation described in clause (ii).”.
Trustee— Section 1183(b)(5) of title 11, United States Code, is amended—
by striking “possession, perform” and inserting “possession—
“(A) perform”
in subparagraph (A), as so designated—
by striking “, including operating the business of the debtor”; and
by adding “and” at the end; and
by adding at the end the following:
“(B) be authorized to operate the business of the debtor;”
Confirmation of plan— Section 1191(c) of title 11, United States Code, is amended by striking paragraph (3) and inserting the following:
“(3)
“(A) The debtor will be able to make all payments under the plan; or
“(B)
“(i) there is a reasonable likelihood that the debtor will be able to make all payments under the plan; and
“(ii) the plan provides appropriate remedies, which may include the liquidation of nonexempt assets, to protect the holders of claims or interests in the event that the payments are not made.”