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Sales of substantially all of a debtor’s assets are commonplace in corporate Chapter 11 bankruptcies. In many cases, the proposed sale is the primary reason the case is filed. The sale is supervised and approved by the Bankruptcy Court. Purchasers desire to know that if the sale is consummated, they will be protected from subsequent attacks on the sale and the sale process. If court-approved bankruptcy sales are protected from subsequent attacks, presumably more bidders will participate, resulting in greater returns for the estates and creditors. Issues surrounding the finality of a bankruptcy sale were recently reviewed by the U.S. Court of Appeals for the Eighth Circuit in In re Veg Liquidation, (f/k/a Allens, Inc.), Case No. 18-1786 (July 26, 2019).
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