Heather Cooper Named As a Subchapter V Trustee for District of Vermont
Facey Goss & McPhee, P.C. is pleased to announce that Heather Cooper, shareholder at FG&M who is Board Certified in Consumer Bankruptcy Law by the American Board of Certification, has been selected to serve as a Subchapter V Trustee for the District of Vermont, Western District of New York and Northern District of New York.
In 2019, the United States Government enacted the Small Business Reorganization Act of 2019 (“SBRA”), which makes the Chapter 11 bankruptcy process faster and less expensive for small businesses. “The Small Business Reorganization Act represents an innovative effort to expedite and reduce the cost of bankruptcy for small business debtors to reorganize their debts and save their businesses” said U.S. Trustee Program Director, Cliff White. Under the SBRA, small business debtors (those with less than $2.7 million in debts (which has been amended for one year to $7,500,000 under the CARES Act) who also meet other criteria) may voluntarily elect to proceed under a new subchapter, “Subchapter V”, of Chapter 11 of the Bankruptcy Code. Among other things, Subchapter V:
- Imposes shorter deadlines for completing the bankruptcy process;
- Allows for greater flexibility in negotiating restructuring plans with creditors; and
- Provides for a private trustee (“Subchapter V Trustees”) who will work with the small business debtor and its creditors to facilitate the development of a consensual plan of reorganization.
Mrs. Cooper was selected from a nationwide pool of over 3,000 applicants for this esteemed position, which required that candidates demonstrate strong administrative, financial and interpersonal skills, and possess integrity and good moral character. The U.S. Trustee Program is responsible for appointing Subchapter V Trustees.
Mrs. Cooper’s selection as a Subchapter V Trustee is an exciting expansion of FG&M’s Bankruptcy practice. For more information on how FG&M assists both debtors and creditors of all sizes in navigating through challenging business turnarounds and financial reorganizations please visit https://www.fgmvt.com or contact Heather Cooper at firstname.lastname@example.org.