Text Of Legislation To Repeal Certain Of BAPCPA's Business Bankruptcy Changes Affecting Retailers Now Available
As reported in a post on the blog earlier this week, on April 2, 2009, Representative Jerrold Nadler (D-NY) introduced a bill entitled the "Business Reorganization and Job Protection Act of 2009." At that time the official text of the legislation was not available.
- The full text of the legislation, which has been referred to the Committee on the Judiciary, is now available. You can download a copy of the legislation by clicking here.
- For those who reviewed the draft bill from the National Association of Credit Management (NACM) website, it appears that the official text of the legislation is identical to the earlier draft.
The bill would repeal changes made by BAPCPA relating to (1) the deadline to assume or reject non-residential real property leases, (2) utility deposits, (3) the Section 503(b)(9) administrative claim, and (4) reclamation. These BAPCPA provisions are among those that have had a significant impact on retailers. For a discussion of the bill's provisions, you can read this blog's earlier post on the legislation or the explanation of the bill by the NACM. It will be interesting to follow the bill as it makes its way through the legislative process in Congress.
