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Apr 20, 2005

Bankruptcy Code Amendments - Principal Real Estate Provisions

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On April 20, 2005, President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Action of 2005 (the "Act") into law. While the media has primarily focused on how the Act impacts an individual's ability to obtain a discharge of debts through chapter 7 of the Bankruptcy Code, the Act also includes provisions that will have a significant impact on business reorganizations under chapter 11. This article addresses the most significant aspects of the Act that materially alter the Bankruptcy Code's provisions governing a single asset realty entity's chapter 11 case, as well as the rights of lessors and lessees with respect to commercial real property leases. This article was originally published in the Real Estate Review (Volume 34 Number 2) and is reprinted here with permission.

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