In the six years since the 2005 amendments to the U.S. Bankruptcy Code, bankruptcy lawyers have witnessed the real-world effects of the legislation and have adapted their practices to the new statutory landscape.
Any shortlist of the most significant amendments must include the change to Bankruptcy Code §365(d)(4), imposing a firm time limit on a debtor’s decision to assume or reject a nonresidential real property lease. The amendment has changed how debtor-tenants interact with their landlords in every bankruptcy case involving commercial leases and has created opportunities for both parties to leverage their positions.
