23 Aug Jim White Appointed Small Business Trustee in the Middle District of North Carolina
Jim White has been appointed by the U.S. Bankruptcy Administrator as a subchapter V bankruptcy trustee in the Middle District of North Carolina. Jim is one of approximately 250 trustees who were appointed in all 50 states. Jim will bring his unique background as a litigator, bankruptcy attorney, mediator, and former management consultant to bear as he helps facilitate the confirmation of a repayment plan that looks out for both business owners and creditors. He is hopeful that this new kind of bankruptcy will make Chapter 11 bankruptcy a real option for small businesses.
The subchapter V trustee appointment was made under the provisions of the Small Business Debt Reorganization Act that substantially modifies the provisions, procedures, and rights of debtors and creditors in small business bankruptcy reorganization cases. This new law amends Chapter 11 of the US Bankruptcy Code by creating Subchapter V, an alternative route for bankruptcy cases that small business debtors can elect to apply. Subchapter V gives the debtor control over her business after declaring bankruptcy, empowers the debtor to design and control the repayment plan, and streamlines the entire bankruptcy process. Congress expanded the relief to those businesses under the SBRA earlier this month with the signing of the CARES Act, which greatly increased the number of eligible businesses.
In addition to his work as a subchapter V trustee, Jim will continues his practice, which is focused on a range of financial litigation, debtor bankruptcy and mediation.