Bernstein Shur’s Robert Keach Plays Key Role in ‘Bankruptcy Threshold Adjustment and Technical Corrections Act’ Legislation

Yesterday, President Biden signed into law the amended “Bankruptcy Threshold Adjustment and Technical Corrections Act.” Through his work on American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11, and subsequent work with the Committee for Bankruptcy Reform, Bernstein Shur shareholder Robert J. Keach played a key role in drafting and pushing the legislation through the U.S. Senate and House of Representatives. The legislation, which was introduced by Senator Charles Grassley (R-Iowa), again raises the debt limit to $7.5M for small businesses electing to file a petition for relief under subchapter V of  Chapter 11 of the U.S. Bankruptcy Code. The new law affects the majority of businesses in the United States experiencing financial distress and choosing to file for Chapter 11 protection, and provides a fast, simple and cost-efficient mechanism for the salvation of eligible small businesses.

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