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When a person or business entity files for bankruptcy, many of that petitioning debtor’s assets will be protected from immediate seizure or other taking by the Bankruptcy Code’s automatic stay provisions. Such provisions enjoin creditors from taking any action to collect debts or repossess property (with certain exceptions), and they come into force at the moment the bankruptcy petition is filed.
By Alan Nochumson
Part One of a Two-Part Article
When entering into a lease for commercial space, there are some items that should not be overlooked. Landlords and tenants alike should make sure that the following things are addressed in the lease, one way or another.
By Ira Fierstein and Michelle Palka
An Illinois Appellate Court recently ruled in favor of a commercial tenant after a new owner acquired a commercial building and attempted to collect accrued unpaid rent owed to the previous landlord.
By Albena Petrakov
With the recent carnage in the retail industry, including Sears and many other retailers of all shapes and sizes, a lot of attention goes to the fate of landlords when their tenants seek bankruptcy protection.
First Court’s Lack of Jurisdiction over Cause of Action Means Second Action Is Not Barred