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With the enactment of the Bankruptcy Code in 1978 and its early amendments, Congress demonstrated its concern about the volatile nature of the financial markets by including certain protections to prevent the insolvency of one player from spreading to others, threatening the collapse of an entire market.
This article will discuss the provisions of the Bankruptcy Abuse Prevention and Consumer
Protection Act of 2005 (BAPCPA) and the technical amendments incorporated in the Financial Netting Improvements Act (FNIA, together with BAPCPA, the ‘Amendments’), which took effect on December 12, 2006.
Walter H. Curchack is the chair of Loeb & Loeb LLP's Bankruptcy, Restructuring and Creditors' Rights Practice Group. He is based in the New York office. Vadim J. Rubinstein is a New York senior counsel.
This article first appeared in the April 2007 edition of Financier Worldwide. Copyright 2007 Financier Worldwide Limited. Permission to use this reprint has been granted by the publisher.