Establishes a temporary state assistance fund to provide legal counsel for bankruptcy proceedings under chapter eleven of the federal bankruptcy code; provides for the administration thereof.
Summary
Bill A00343, known as the 'save merchants and retail tenants (SMART) act', aims to establish a temporary state assistance fund to provide legal counsel for small businesses undergoing bankruptcy proceedings, specifically under chapter eleven of the federal bankruptcy code. This initiative targets businesses adversely affected by COVID-19 and public health restrictions, allowing them access to necessary legal services as they navigate bankruptcy filings. The bill outlines the roles and responsibilities of the New York office of court administration as the administrator of this fund, ensuring that legal services are provided to eligible businesses until their bankruptcy proceedings conclude or are dismissed.
Impact
The passage of this bill would create a new section in the executive law, establishing a dedicated fund for legal services in bankruptcy cases. This would directly impact small businesses, not-for-profit corporations, and other entities that meet the criteria of being adversely affected by the pandemic. By providing legal counsel, the bill aims to facilitate smoother bankruptcy processes for these businesses, potentially aiding in their recovery and sustainability in the post-pandemic economy.
Sentiment
The sentiment surrounding Bill A00343 appears to be supportive, particularly among those advocating for small businesses and economic recovery post-COVID-19. However, there may be concerns regarding the adequacy of funding and the effectiveness of the legal services provided, as well as the potential administrative burden on the New York office of court administration.
Contention
Notable points of contention may arise regarding the scope of businesses eligible for assistance, as well as the adequacy of the funding allocated to the program. Some stakeholders may argue that the criteria for 'covered businesses' could exclude certain entities that also suffered during the pandemic, while others may question whether the legal services provided will be sufficient to meet the needs of all applicants.
Same As
Establishes a temporary state assistance fund to provide legal counsel for bankruptcy proceedings under chapter eleven of the federal bankruptcy code; provides for the administration thereof.
Establishes a temporary state assistance fund to provide legal counsel for bankruptcy proceedings under chapter eleven of the federal bankruptcy code; provides for the administration thereof.
Establishes a temporary state assistance fund to provide legal counsel for bankruptcy proceedings under chapter eleven of the federal bankruptcy code; provides for the administration thereof.
Establishes a temporary state assistance fund to provide legal counsel for bankruptcy proceedings under chapter eleven of the federal bankruptcy code; provides for the administration thereof.
AN ACT relating to counties; authorizing county memorial hospitals and hospital districts to file for bankruptcy under chapter 9 of the United States bankruptcy code as specified; and providing for an effective date.