S.D.N.Y. Endorses Commonly Used Procedures for Providing Adequate Assurance to Utility Providers

At least one United States District Court has approved of specific procedures to adequately assure utility providers of payment following a bankruptcy filing.

6 minute read January 30, 2012 at 10:48 AM

Joel H. Levitin And Richard A. Stieglitz JR.

S.D.N.Y. Endorses Commonly Used Procedures for Providing Adequate Assurance to Utility Providers

When Congress passed the BAPCPA amendments in 2005, it became clear that a debtor's satisfactory prior payment history and the provision of an administrative claim to utility providers for post-petition utility services would no longer be sufficient to satisfy the debtor's requirement to provide “adequate assurance of payment” under Bankruptcy Code ' 366, so as to preclude termination of such services in bankruptcy.

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