When lawmakers implemented a simplified Chapter 11 path for small-business debtors in 2020, they introduced a new player to the bankruptcy world: the Subchapter V trustee.

Tasked to "facilitate the development of a consensual plan of reorganization" for debtors that file under Subchapter V of Chapter 11, the on-the-ground role of a Subchapter V trustee can look very different from other types of bankruptcy trustees. Law360 caught up with Brian M. Rothschild, shareholder at Parsons Behle & Latimer and a Subchapter V trustee in the District of Utah Bankruptcy Court, to learn more about the newly created role, best practices and common pitfalls when working with a Subchapter V trustee.

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