Single Asset Real Estate
"Single asset real estate" bankruptcy cases are subject to special rules under the Bankruptcy Code.
The Bankruptcy Code defines the term "single asset real estate" as real property constituting a single property or project (other than residential real property with fewer than 4 residential units) which generates substantially all of the gross income of the debtor and on which no substantial business is being conducted by the debtor other than the business of operating the real property and incidental activities.
The Bankruptcy Code provides that stay relief may be granted against single asset real estate unless not later than the later of 90 days after the filing of the case or 30 days after the court determines that the debtor is subject to this rule, a. the debtor files a plan or reorganization that has a reasonable possibility of being confirmed within a reasonable time or b. the debtor has commenced making certain monthly payments.
The 90 day period may be extended by the Court for cause.
The Bankruptcy Code defines the term "single asset real estate" as real property constituting a single property or project (other than residential real property with fewer than 4 residential units) which generates substantially all of the gross income of the debtor and on which no substantial business is being conducted by the debtor other than the business of operating the real property and incidental activities.
The Bankruptcy Code provides that stay relief may be granted against single asset real estate unless not later than the later of 90 days after the filing of the case or 30 days after the court determines that the debtor is subject to this rule, a. the debtor files a plan or reorganization that has a reasonable possibility of being confirmed within a reasonable time or b. the debtor has commenced making certain monthly payments.
The 90 day period may be extended by the Court for cause.