On June 11, 2020, the law firm of Julianne Frank P.A. confirmed the first Subchapter V case in Region 21, which includes Florida, Georgia, Puerto Rico, and the US Virgin Islands.
Subchapter V is a new version of Chapter 11 that allows small businesses to restructure and reorganize in a more cost-effective and expedited manner. It first came into existence in February of this year, and in March, Congress, under the CARES act, expanded the businesses that were eligible to file it.
Nationwide, there have been only 7 of these cases brought to a successful conclusion as of this date.