H.R. 1942 · 111th Congress
Business Reorganization and Job Preservation Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
NadlerSponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Business Reorganization and Job Preservation Act of 2009 - Amends federal bankruptcy law with respect to the deemed rejection by the trustee in bankruptcy of an unexpired lease of nonresidential real property under which the debtor is the lessee and the immediate surrender of that nonresidential real property to the lessor.
What it does: CRS summary · Introduced in House · Apr 2, 2009
Business Reorganization and Job Preservation Act of 2009 - Amends federal bankruptcy law with respect to the deemed rejection by the trustee in bankruptcy of an unexpired lease of nonresidential real property under which the debtor is the lessee and the immediate surrender of that nonresidential real property to the lessor.
Revises the formula for the deadline for assumption or rejection of the unexpired lease before a rejection shall be deemed. Repeals the alternative date of the entry of an order confirming a plan, if that is the earlier of two dates. Fixes the period before deeming at 60 (currently 120) days after the order for relief. Repeals the current discretionary extension period the bankruptcy court may allow. Allows the bankruptcy court to fix another deadline for assumption or rejection, but only within the 60-day period after the order for relief.
Reduces from 45 days to 10 days after a debtor's receipt of goods while insolvent the deadline by which a seller must demand reclamation of the goods in writing.
Authorizes the court to deny reclamation to a seller with a right of reclamation that has made such a demand, but only if the court: (1) grants the seller's claim priority as an administrative expense; or (2) secures such claim by a lien.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Business Reorganization and Job Preservation Act of 2009
Latest action (May 26, 2009): Referred to the Subcommittee on Commercial and Administrative Law.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Apr 2, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.