Attorney William Wallo Appointed as Small Business Bankruptcy Trustee
Weld Riley S.C. is pleased to announce William Wallo, the firm’s Managing Partner, has been appointed by the U.S. Trustee Program to serve as a member of the pool of Small Business Trustees under the Small Business Reorganization Act of 2019.
“I’ve been involved in commercial transactions and bankruptcy and insolvency matters for nearly thirty years. Small businesses have often been difficult to reorganize due to both legal hurdles and the sheer cost of the typical chapter 11. The new provisions should change that dynamic. I look forward to the opportunity to help facilitate successful reorganizations for struggling small businesses,” attorney Wallo said.
Wallo has been appointed to serve as member of the trustee pool for Region 11, which covers the following judicial districts: Western Wisconsin, Eastern Wisconsin, and Northern Illinois (Rockford division). Congress passed the Small Business Reorganization Act in August of 2019 with the provisions taking effect February 19, 2020.
The act was designed to streamline the bankruptcy process for debtors who have less than $2,725,625 in aggregate non-contingent secured and unsecured debts. It eliminates provisions that made small cases difficult to confirm and is intended to reduce costs. One new aspect of these provisions is that a “small business trustee” will be appointed in each case to “facilitate” the development and confirmation of consensual reorganization plans. The idea is that the trustee will hopefully help the debtor and creditors avoid needless fights (and legal costs).
Wallo practices as a member of the firm’s business and litigation sections. His practice areas include business transactions, commercial litigation, financial restructuring, creditors rights, insolvency, and bankruptcy.
Wallo graduated summa cum laude from the University of Central Oklahoma with a Bachelor’s degree in English. He received his law degree with highest honors from the University of Oklahoma College of Law and spent 18 years as the law clerk for the Honorable Thomas S. Utschig, U.S. Bankruptcy Judge for the Western District of Wisconsin before joining Weld Riley.
Weld Riley, S.C. has offices in Eau Claire, Wausau, Black River Falls, and Menomonie and serves both families, private sector businesses and public sector clients, including school districts, county governments, and many municipalities around western Wisconsin.