Small Business Debtor in New York

In Chapter 11, a business may obtain exceptions from certain filings and procedures by being classified as a small business debtor. A debtor is a small business debtor when it passes a two-part test: •Debtor must be engaged in commercial or business activities other than primarily owning or operating real property with total non-contingent liquidated […]

Chapter 11 Debtor-in-Possession

In February 2011, crain’s new york business.com reported that the founder of New York’s H&H Bagels, filed bankruptcy. The founder was sentenced to 50 weekends in jail in 2010 for failing to pay over $500,000 in payroll taxes. H&H Bagels started in 1972 with its first store at Broadway and West 80th Street on Manhattan’s […]