Page:United States Statutes at Large Volume 108 Part 5.djvu/637

 PUBLIC LAW 103-394—OCT. 22, 1994 108 STAT. 4127 "(A) 2 years after the entry of the order for relief; or "(B) 1 year after the appointment or election of the first trustee under section 702, 1104, 1163, 1202, or 1302 of this title if such appointment or such election occurs before the expiration of the period specified in subparagraph (A); or". SEC. 217. SMALL BUSINESSES. (a) DEFINITION. — Section 101 of title 11, United States Code, is amended by inserting after paragraph (51) the following: "(51C) 'small business' means a person engaged in commercial or business activities (but does not include a person whose primary activity is the business of owning or operating real property and activities incidental thereto) whose aggregate noncontingent liquidated secured and unsecured debts as of the date of the petition do not exceed $2,000,000;". (b) CREDITORS' COMMITTEES.—Section 1102(a) of title 11, United States Code, is amended— (1) in paragraph (1) by striking "As" and inserting "Except as provided in paragraph (3), as"; and (2) by adding at the end the following: "(3) On request of a party in interest in a case in which the debtor is a small business and for cause, the court may order that a committee of creditors not be appointed.". (c) CONVERSION OR DISMISSAL. —Section 1112(b) of title 11, United States Code, is amended by inserting "or bankruptcy administrator" after "United States trustee". (d) WHO MAY FILE A PLAN. —Section 1121 of title 11, United States Code, is amended by adding at the end the following: "(e) In a case in which the debtor is a small business and elects to be considered a small business— "(1) only the debtor may file a plan until after 100 days after the date of the order for relief under this chapter; "(2) all plans shall be filed within 160 days after the date of the order for relief; and "(3) on request of a party in interest made within the respective periods specified in paragraphs (1) and (2) and after notice and a hearing, the court may— "(A) reduce the 100-day period or the 160-day period specified in paragraph (1) or (2) for cause; and "(B) increase the 100-day period specified in paragraph (1) if the debtor shows that the need for an increase is caused by circumstances for which the debtor should not be held accountable.". (e) PosTPETiTiON DISCLOSURE.— Section 1125 of title 11, United States Code, is amended by adding at the end the following: "(f) Notwithstanding subsection (b), in a case in which the debtor has elected under section 1121(e) to be considered a small business— "(1) the court may conditionally approve a disclosure statement subject to final approval after notice and a hearing; "(2) acceptances and rejections of a plan may be solicited based on a conditionally approved disclosure statement as long as the debtor provides adequate information to each holder of a claim or interest that is solicited, but a conditionally approved disclosure statement shall be mailed at least 10 days

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