AB 1059 - Conforms California Law to Current Federal Bankruptcy Law

Feldsott & Lee
A Law Corporation

Assembly Bill 1059 (hereinafter “AB 1059”) eliminates outdated and inaccurate references in California statutes relating to federal bankruptcy law. Given the major bankruptcy reform in 2005, California statutes currently contain many erroneous and antiquated references to former bankruptcy law provisions. AB 1059 corrects over 50 such erroneous references to conform California law to current federal bankruptcy law. Of interest to common interest developments are changes to sections of the Corporations Code dealing with winding up and dissolution of non-profit corporations.