Bankruptcy Law Article: Sales of Not for Profit Assets after The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005
7/15/2005
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the "Bankruptcy Act") signed into law by President Bush on April 20, 2005, will have an immediate impact on sales of Not For Profit debtor assets. While most of the recent amendments to the Bankruptcy Code will not become effective until October 17, 2005, the amendments discussed in this article became effective on April 20, 2005, for both new and pending bankruptcy cases. As a result, the changes the Bankruptcy Act made to Bankruptcy Code Sections 363, 541, and 1129 are presently in effect and parties involved in bankruptcy cases of NFP's should be aware of their existence and plan accordingly.
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