The New Jersey Order Conditionally Approving Disclosure Statement (Small Business) is a document issued by the New Jersey Division of Consumer Affairs for small businesses that wish to provide public disclosure of information related to their financial condition and business operations. This document is typically used to satisfy the disclosure requirements of the New Jersey Franchise Act or the New Jersey Business Opportunity Act. The Order outlines the conditions under which the business must provide the disclosure information, such as the type of information that must be disclosed, the format of the disclosure statement, and the manner in which the statement must be delivered to prospective franchisees or business opportunity purchasers. The Order also includes a deadline for when the disclosure statement must be provided. There are two types of New Jersey Order Conditionally Approving Disclosure Statement (Small Business): the Franchise Disclosure Statement and the Business Opportunity Disclosure Statement.
New Jersey Order Conditionally Approving Disclosure Statement (Small Business)
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FAQ
In March 2020, in response to the COVID-19 pandemic, Congress passed the CARES Act, which raised the Subchapter V debt ceiling to $7.5 million for one year. Congress extended it to March 27, 2022. It expired at that time, with the debt ceiling reverting to the original $2,725,625.
The act streamlines small business reorganizations and removes procedural burdens and costs associated with typical corporate reorganizations. Notably, only the debtor can propose a plan of reorganization.
Subchapter V eliminates the requirement that the debtor gain acceptance from an impaired class. Rather, a Subchapter V debtor may confirm a Plan without the consent of any creditors provided the Plan does not unfairly discriminate and is ?fair and equitable? as that term is defined in the Bankruptcy Code.
One of the key differences between Subchapter V and a standard Chapter 11 bankruptcy is the absence of a disclosure statement. A standard Chapter 11 bankruptcy will require a debtor to provide this statement so that creditors can review their bankruptcy plan and decide whether to vote for it.
Subchapter V accelerates the timeframe for a small business debtor to file a plan from 180 days?as provided under § 1121(e)?to ninety days under new § 1189. Compare 11 U.S.C. § 1121(e) (2019), with 11 U.S.C. § 1189 (2019).
In a recent case, a bankruptcy court explained that the role of the Subchapter V trustee is to provide oversight of the debtor in possession and to help facilitate negotiations among the parties who will be voting on the plan of reorganization in order to build consensus.
The act streamlines small business reorganizations and removes procedural burdens and costs associated with typical corporate reorganizations. Notably, only the debtor can propose a plan of reorganization.