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house Bill H.R. 1942

Business Reorganization and Job Preservation Act of 2009

Bill Details

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Business Reorganization and Job Preservation Act of 2009

Official Title

To amend title 11 and for other purposes.


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.

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      house Committees
      Committee on the Judiciary
    IntroducedApril 2nd, 2009

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