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Protecting Against Common Pitfalls Encountered By Landlords in Bankruptcy Cases

By Andrew H. Sherman

Since its enactment in 1978, the Bankruptcy Code has provided a means for debtors either to reorganize their financial affairs or to liquidate their assets. Within this framework, bankrupt tenants have often utilized the provisions of the Bankruptcy Code to the detriment of landlords, and landlords have increasingly become either involuntary creditors or financiers during a bankruptcy case or have suffered some type of unexpected loss.

Landlords have also been impacted because bankruptcy courts have developed case law to protect tenants under the auspices of creating value for all creditors. Against this backdrop, it is important for a landlord to be aware of some of the common pitfalls that it can face in a bankruptcy case so that it can protect its rights in a proactive manner. A vigilant landlord that is aware of the usual traps can be successful in minimizing its exposure and maximizing the value of its claim. This article discusses some of the pitfalls that landlords encounter when faced with issues relating to the treatment of leases in bankruptcy cases.

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