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The Bankruptcy StrategistKickerFeaturesSectionsNewsLJN Newsletters

Selling 'Free and Clear': Will It Continue?

By Jack L. Smith and Erin L. Connor
January 01, 2004

Section 363(f) of the Bankruptcy Code provides an extraordinary tool to trustees and debtors in possession — the ability to sell property “free and clear.” This unique power, unavailable to a seller outside bankruptcy, not only facilitates the tasks of liquidation or reorganization, but it may even be the critical incentive for entering bankruptcy in the first place. It has now become the principal focus of many Chapter 11 cases.

Section 363 Sales in Chapter 11

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