A bill to amend title 11, United States Code, to change the treatment of certain rental obligations during bankruptcy.

Summary

This bill temporarily revises bankruptcy provisions related to a lease of nonresidential real property. Specifically, if a Chapter 11 small business reorganization bankruptcy debtor is experiencing material financial hardship due to the COVID-19 (i.e., coronavirus disease 2019) pandemic, a court may extend the time the debtor may pay rent on a nonresidential real property from 60 days to 120 days. Additionally, businesses impacted by the COVID-19 pandemic have an additional 90 days to determine whether to keep or end a nonresidential lease agreement. The bill also prohibits a bankruptcy trustee from voiding transfers of the debtor's interest due to the payment of certain rental and supplier arrearages. These provisions have a two-year sunset.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 6 August 2020

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 6 August 2020

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• Introduced in Senate

  summary · EN · 6 August 2020

  Open at official source

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