The ability for a debtor to sell its assets, including the assumption and assignment of executory contracts, is fundamental to the bankruptcy process. The debtor’s powers under Sections 363 and 365 are broad, but not unlimited.
Bankruptcy Court Allows Debtor to Sell Partnership Interest Despite Right of First Refusal
One area that has been the subject of much litigation concerns when a debtor can sell general and limited partnership interests, as well as its role as the manager of the partnership’s business. This issue was addressed recently in a decision by the U.S. Bankruptcy Court for the Northern District of Texas in In re Genesis Healthcare.
By
Andrew C. Kassner and Joseph N. Argentina Jr.
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