On October 17, 2005, the provisions of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (the 2005 act) became effective, amending various provisions of the U.S. Bankruptcy Code, 11 U.S.C. §§ 101-1532 (the bankruptcy code). All bankruptcy cases filed after October 17, 2005 are now governed by the amendments set forth in the 2005 act. Although the majority of the amendments address consumer bankruptcies, the 2005 act has far-reaching implications for business bankruptcies as well. Of particular significance are the provisions of the 2005 act that address the bankruptcy treatment of various "safe harbor" transactions, such as forward contracts, commodity contracts, repurchase agreements and securities contracts.
Prior to the enactment of the 2005 act, those safe harbor transactions were already granted special protections under the bankruptcy code....
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