The current version of the U.S. Bankruptcy Code (the code),1 which has been in effect since 1978, has been the only federal bankruptcy law that most secured transactions and workout professionals now in practice have ever needed to know. That may change in the not-too-distant future, however, if the American Bankruptcy Institute (ABI) has anything to say about it. The ABI has commenced an initiative, the goal of which is a modernization of the reorganization provisions of Chapter 11 of the code. This project may dramatically affect many of the rights and remedies on which secured creditors now rely in bankruptcy.
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