Provides a quick overview of the US bankruptcy laws, and key trends in US bankruptcies from 2011-2017

1. Company Failures & Need For Transformation
Key Trends in US Bankruptcies
Amitabh Chandrashekhar
Jan, 2018
This presentation is meant exclusively for the use of REV Partners & its authorised users. No part of it may be circulated, quoted, or
reproduced for distribution without prior written approval. This material was used during an oral presentation; it is not a complete
record of the discussion.

2. STRICTLY CONFIDENTIAL
2
Objectives
Discuss evolution of US bankruptcy laws
Highlight key trends in US commercial
bankruptcy from 2011-2017

3. STRICTLY CONFIDENTIAL
1867 18981800
Bankruptcy Act
of 1800
1841
Bankruptcy Act
of 1841
Bankruptcy Act
of 1867
Bankruptcy Act
of 1898
1938
Chandler Act of
1938
1978
Bankruptcy
Reform Act of
1978
1986
Bankruptcy Judges,
United States
Trustees, & Family
Farmer Bankruptcy
Act of 1986
1994
Bankruptcy
Reform Act of
1994
2005
Bankruptcy Abuse
Prevention and
Consumer Protection
Act of 2005
Source: ABI; federal Judicial Center; US Courts; REV Partners
Note: Not to scale
US Bankruptcy Laws have a rich & distinguished history of progress
3

4. STRICTLY CONFIDENTIAL
CHAPTER 7
Liquidation Under the
Bankruptcy Code
CHAPTER 9
Municipality Bankruptcy
CHAPTER 11
Reorganization Under the
Bankruptcy Code
CHAPTER 12
Family Farmer Bankruptcy
or Family Fisherman
Bankruptcy
CHAPTER 13
Individual Debt Adjustment
CHAPTER 15
Ancillary and Other Cross-
Border Cases
Key
Bankruptcy
Laws
US Bankruptcy Laws define various scenarios for bankruptcies in
multiple ‘chapters’
Source: ABI; federal Judicial Center; uscourts.gov; REV Partners
4

5. STRICTLY CONFIDENTIAL
Chapter 11
Chapter 7
Chapter 13
Chapter 15
Source: ABI; Epiq; REV Partners Analysis
In 2017, Chapter 11 cases accounted for ~15% of ~38,000 cases; Chapter 7
accounted for an additional ~58% of cases
5

6. STRICTLY CONFIDENTIAL
Jan
Source: ABI; Epiq; REV Partners Analysis
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
~5,744 Chapter 11 cases in 2017 (+5.5% Vs. 2016) in the US; cases almost
uniformly distributed across the year
-10.2% -15.3%c -21.4% 2.4% 2.5% 5.5%
6

7. STRICTLY CONFIDENTIAL
Jan
Source: ABI; Epiq; REV Partners Analysis
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
~21,966 ‘Chapter 7’ cases in 2017 (-1.5% Vs 2016) in the US
-25.0% -25.7%c -23.2% -17.7% 27.4% -1.5%
7

8. STRICTLY CONFIDENTIAL
Jan
Source: ABI; Epiq; REV Partners Analysis
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
~10,270 ‘Chapter 13’ cases in 2017 (+2.0% Vs. 2016) in the US
-20.5% -22.5% -17.1% -12.8% 42.4% 2.0%
8

9. STRICTLY CONFIDENTIAL
ACKNOWLEDGEMENT & THANKS
We are indebted and grateful to various companies and sources that have been cited in the document for their data and insights. This
report is not meant to be a substitute for professional advice, and must not be relied upon as such without explicit, written consent. If you
would like to discuss this report, please contact the author.
© REV Partners, 2018. All Rights Reserved.
Amitabh Chandrashekhar
Managing Partner & CEO
REV Partners | www.revpartners.com
Email: sales@revpartners.com
ABOUT THE AUTHOR
Amitabh Chandrashekhar is the Managing Partners of REV Partners, and is based in Berlin, Germany. He has advised multiple Fortune 500
companies and Private Equity firms in the areas of Strategy, Transformation & Turnaround, Operations, Organization & Technology.
Additionally, Amitabh has held several Interim roles as ‘Chief Transformation Officer’ to define & lead complex transformation programs for
companies undergoing change & uncertainty. He is an alum of Bain & Co & MIT Sloan School of Management.
9