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General Assembly Approves Business Court Modernization

Efforts to improve the state’s climate for job creation continued today, as the General Assembly gave final and unanimous approval to the conference report of Senate Bill 853: Business Court Modernization, which modernizes and enhances the court that handles complex business cases and creates a new holding company statute in North Carolina. The business courts are a distinct positive for our states’ business climate. Senate Bill 853: Business Court Modernization further strengthens, modernizes and streamlines this asset. The legislation streamlines and expedites the timeline for business cases to make their way through the court system. It provides clarity and predictability on the types of cases to be heard by the N.C. Business Court and helps ensure cases where at least five million dollars is at stake or where a company’s existence could be at risk are heard by a court that specializes in complex business litigation.

Additionally, SB853 models North Carolina corporate laws on how corporations can be reorganized internally after Delaware’s – which is considered to have the most advanced and flexible corporate statutes in the nation. This measure provides an attractive business option that makes North Carolina more competitive to retain existing companies, attract new businesses and stimulate economic growth and job creation. We will keep you updated as this legislation now heads to the Governor for his consideration.