U.S. Capitol building in Washington, D.C., on March 6, 2024. (Credit: Diego M. Radzinschi/ALM) American Bankruptcy Institute President Behind Push for Subchapter V Legislation
"The biggest accomplishment is that at the annual spring meeting, the task force will release and publish important recommendations to Congress," the ABI president said in an interview.
April 18, 2024 at 04:12 PM
3 minute read
What You Need to Know
- The president of the American Bankruptcy Institute will have his term come to a close on Sunday.
- The top priority for the president was making recommendations to Congress to amend the Subchapter V bankruptcy statute.
- The president was an unusual selection for the prestigious institute.
When Soneet Kapila of KapilaMukamal began his term as president of the American Bankruptcy Institute, which comes to a close on Sunday, he focused on a "critical mission": the Subchapter V legislation, also known as the Small Business Reorganization Act.
Enacted in 2020, the act provides a method for businesses to reorganize more expediently than in a traditional Chapter 11 bankruptcy case.
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