September 24, 2019
Reps. Zoe Lofgren (D-CA) and Jim Sensenbrenner (R-WI) Introduce H.R. 4421, the Bankruptcy Venue Reform Act of 2019
Rolling Meadows, IL, September 24, 2019 – Last week, two of the Commercial Law League of America’s (“CLLA”) friends in Congress, Reps. Zoe Lofgren (D-CA) and Jim Sensenbrenner (R-WI), introduced H.R. 4421, bipartisan, common-sense legislation in the U.S. House of Representatives to reform and strengthen the U.S. Bankruptcy Code. Reps. Charlie Christ (D-FL), and Greg Steube (R-FL) have also signed on as original cosponsors. Simply put, our country’s Bankruptcy Code allows companies to flee their communities, employees, and local creditors to reorganize their finances in another state that might be more sympathetic to their interests. READ MORE
August 29, 2019
Small Business Reorganization Act of 2019 Signed Into Law
Rolling Meadows, IL, August 2, 2019 – The Commercial Law League of America (“CLLA”) is pleased to announce that on August 23, 2019, President Donald J. Trump signed into law the Small Business Reorganization Act of 2019 (“SBRA”) (H.R. 3311), HAVEN Act (H.R. 2938), The National Guard and Reservists Debt Relief Extension Act of 2019 (H.R. 3304), and the Family Farmer Relief Act of 2019 (H.R. 2336). The CLLA is active in bankruptcy reform efforts and recently lobbied the Senate in support of the SBRA. The CLLA believes that the SBRA will enable small businesses, defined as having a total of noncontingent liquidated secured and unsecured debt of less than $2,725,625, to obtain Chapter 11 bankruptcy relief more quickly and cheaply. Among the features of the SBRA are (1) an automatically appointed, standing trustee whose authority and duties are similar to those of a standing Chapter 13 trustee; (2) creditors’ committees will not be appointed absent a showing of cause; (3) no disclosure statement will be required; (4) only the debtor may file a plan; and, perhaps most importantly, (5) provided the debtor contributes all of its disposal income over a three to five year period, and its proposed plan is “fair and equitable” and feasible, the bankruptcy court may confirm a Chapter 11 plan under the SBRA even without an assenting class of creditors, and even without paying unsecured claims in full. The statute will take effect on February 1, 2020 and will provide a significant opportunity for more small businesses to reorganize through Chapter 11. READ MORE
August 2, 2019
Small Business Reorganization Act of 2019 Passed by US Senate
Rolling Meadows, IL, August 2, 2019 – The Commercial Law League of America (“CLLA”) is pleased to announce that yesterday the United States Senate passed the Small Business Reorganization Act of 2019 (“SBRA”) (H.R. 3311), HAVEN Act (H.R. 2938), the Family Farmer Relief Act of 2019 (H.R. 2336), and the National Guard and Reservists Debt Relief Extension Act (H.R.3304). All four bills were passed by a voice vote. The bills will now be sent to President Trump for his consideration. The CLLA is active in bankruptcy reform efforts and has recently lobbied the Senate in support of the SBRA. The SBRA (S. 1091) was a bipartisan bill sponsored in the Senate by Senators Grassley, Whitehouse, Tillis, Klobuchar, Ernst, and Blumenthal. The CLLA believes that the SBRA will enable small businesses, defined as having a total of noncontingent, liquidated, secured, and unsecured debt of less than $2,725,625, to obtain Chapter 11 bankruptcy relief more quickly and cheaply. Small businesses make up the vast majority of Chapter 11 bankruptcy filings, and it is expected that this will provide a cost effective and predictable remedy for small businesses seeking to reorganize, while at the same time providing the creditors’ legitimate right to be paid in the bankruptcy case. READ MORE
July 29, 2019
Commercial Law League of America Announces Premier Certification Renewal Agreement with the IACC
Rolling Meadows, IL, July 29, 2019 – The Commercial Law League of America (CLLA) is pleased to announce their renewed agreement with the International Association of Commercial Collectors (IACC) to jointly continue providing certification for the CLLA Commercial Collection Agency Certification Program. READ MORE
June 25, 2019
Commercial Law League Announces 2019 Lawrence P. King Award Winner
Rolling Meadows, IL 6/25/19 — The Commercial Law League of America (CLLA) and its Bankruptcy Section are pleased to announce that they will present the Lawrence P. King Award to G. Eric Brunstad, Jr. at the National Conference of Bankruptcy Judges (NCBJ) in Washington, D.C. in October 2019.
The CLLA events at NCBJ will take place on October 31, 2019. They include the CLLA Luncheon, featuring the Lawrence P. King Award presentation, and the Keynote presentation “How Ronald Reagan Turned Around a Failing Economy and Ended the Cold War.” Following the luncheon will be the Honorable Frank W. Koger Memorial Education Program. For more information, please visit the Events page on www.CLLA.org. READ MORE
May 16, 2019
Commercial Law League 125th National Convention a Success. Robert Ingold Awarded 2019 CLLA President’s Cup
Rolling Meadows, IL 5/16/19 — The Commercial Law League of America (CLLA) held its 125th National Convention on May 2-5, 2019 at the Rosen Shingle Creek Resort in Orlando, Florida. Attendees explored the multi-tracked, educational event covering topics in bankruptcy, creditors’ rights, complex litigation, legislation and collections. Attendees were awarded continuing legal education (CLE), and offered opportunities for networking through planned social events, and witnessed the Passing of the Gavel, the President’s Cup Award presentation, and the induction ceremonies of leadership roles at the Annual Awards Luncheon.
Timothy Wan, Smith Carroad Levy Wan & Parikh, PC Sworn in as President of CLLA
During the convention, the third-ever female President, Lorna Walker, Sweet & Walker, PC, San Francisco, California, “passed the gavel” to Timothy Wan, Senior Partner at Smith Carroad Levy Wan & Parikh, PC of Commack, New York. READ MORE
March 8, 2019
Commercial Law League Sixth Annual Hill Day A Success
Rolling Meadows, IL 3/8/19 — On February 25, 2019, the Commercial Law League of America returned to Capitol Hill for its Sixth Annual Hill Day. This year’s delegation numbered 24, making it the largest group to date. Collectively the commercial law activists had over one hundred meetings with Congressional members and staff. The group was broken into three teams: bankruptcy venue reform, bankruptcy preference reform and creditors’ rights.
The bankruptcy venue reform team, which included retired Bankruptcy Judges Russell Nelms and Steven Rhodes, sought support for a new version of the Bankruptcy Venue Reform Act of 2018. This legislation, which was co-sponsored by U.S. Senators John Cornyn and Elizabeth Warren, would eliminate the ability of companies to file for bankruptcy in distant forums based on their state of incorporation or the location of an affiliate. The bill was drafted with assistance from Prof. Jay Westbrook of the University of Texas School of Law (who was also the 2018 recipient of the King Award).
The preference reform team advocated for an end to abusive practices related to recovery of preferential transfers, such as trustees suing everyone who received payments during the 90 days before bankruptcy and filing suit on small claims in distant forums. The CLLA’s package of reforms included a meet and confer requirement prior to filing a preference suit, requiring that preference suits seeking to recover $50,000 or less be filed in the defendant’s home district and including payments made under settlement agreements within the ordinary course of business defense.
The creditor’s rights contingent focused on H.R. 5082, a House Bill from the 115th Congress that made it out of the Financial Services Committee but did not make it to the floor for a full House of Representatives vote. 5082 sought to exempt attorneys actively engaged in litigation from the definition of a debt collector under the FDCPA. In addition, 5082 sought to remove attorneys engaged in litigation from CFPB authority unless the attorney was not a debt collector and is providing a financial product or service. Although it is unlikely that 5082 will be re-introduced in the 116th Congress, much positive feedback was provided, and the creditor’s rights team will continue to focus on drafting potential legislation addressing this critical area as well as reaching out to elected officials to build bi-partisan support.
March 8, 2019
Commercial Law League Celebrates Diversity by “Passing the Presidential Gavel”
Rolling Meadows, IL 3/8/19 — The Commercial Law League of America (CLLA) is pleased to announce that at the upcoming 125th National Convention on May 2-4, 2019, at the Rosen Shingle Creek Resort in Orlando, Florida, the third-ever female President, Lorna Walker, Sweet & Walker, of San Francisco, California, will be “passing the gavel” to Timothy Wan, Senior Partner at Smith Carroad Levy Wan & Parikh, PC of Commack, New York.
“As the third madam president, I am honored that I will be the one to swear in Mr. Wan. I have worked closely with him over the past few years and know he will do an excellent job. I am confident that our league will benefit greatly from his leadership and enthusiasm,” stated Ms. Walker.
Mr. Wan enthusiastically remarked, “As the first-ever non-white President, and one of the youngest, I am honored to be receiving this heavy mantle. I am ready to roll up my sleeves, and make change happen – more than just because of finally breaking the diversity wall!”
Attendance at the convention is open to members and non-members. For more information on the event or to register, visit www.clla.org/events.
March 7, 2019
Commercial Law League Names Robert Ingold as 2019 President’s Cup Award Winner
Rolling Meadows, IL 3/7/19 — The Commercial Law League of America has named Robert Ingold, Chief Executive Officer of the Commercial Collection Corp. of NY, as the 2019 President’s Cup award recipient.
Mr. Ingold has held several key positions in The Commercial Law League. He has served on the Board of Governors of the CLLA, as a former chair of the Commercial Collection Agency Section of the CLLA, and as a former chair of the Eastern District of CLLA – the first agency member to hold this office in over 100 years. He is a past recipient of the CLLA Robert E. Caine Leadership Award. Mr. Ingold also served as a past President of IACC, and was a recipient of the IACC Leadership Award. Currently, Mr. Ingold is a member of the IACC Board of Directors.
Mr. Ingold joined Commercial Collection Corp of NY in 1979 from Chase Manhattan as an installment banking officer. Since then, the company has evolved from a third party collection agency to a multi-service company in the accounts receivable arena – First Party collections, Lien Services, Credit/Collection Training and Seminars, Credit Reporting services and Letter Writing programs – with offices in Buffalo, Ohio, Louisville, Ft. Lauderdale, Saratoga Springs, Minneapolis, NYC and Montreal, Canada. Mr. Ingold is a frequent lecturer on the Art of Commercial Collections as well as other subjects relating to the industry. Mr. Ingold is a veteran of the United States Air Force.
CLLA will present the award to Ingold at its 125th National Convention, held from May 2 – May 5, 2019 in Orlando at the Rosen Shingle Creek Resort.
“Thank you for notifying me as well as being your selection,” Ingold said upon hearing of his nomination. “It is indeed a privilege to share with so many terrific winners.”
President’s Cup winners are selected by a special committee comprised of CLLA board members, a previous President’s Cup recipient and a member of the American Lawyers Quarterly law firm directory. Since 1964, the award has been presented to a CLLA member who has shown outstanding service to the organization, in addition to leading a respected personal and professional life.
For more on Ingold and Commercial Collection Corp. of NY, visit www.commercialcollection.com.
February 12, 2019
Commercial Law League Finalizing Preparations for Its 6th Annual Capitol Hill Day
Rolling Meadows, IL 2/12/19 — The Commercial Law League of America is finalizing preparations for its 6th Annual Capitol Hill Day where important policy issues will be discussed and promoted on behalf of its members, constituents and in the interest of the credit and finance industry. This year, the following issues will be pursued.
Bankruptcy Venue Reform
The League supports a rebalancing of where commercial Chapter 11 cases are filed and distributed throughout the country. Thus, it proposes legislation reform that limits venue to only where the debtor is headquartered or where its principal assets are located. Link