Sontchi Rejects Majority View on Test to Determine Whether a Business Trust Is an Eligible Debtor

Barry Klayman and Mark Felger, writing in the Delaware Business Court Insider, review a recent decision from Chief Judge Sontchi of the Bankruptcy Court for the District of Delaware holding that the law of the jurisdiction in which a trust is organized governs whether it is a “business trust” that can be an eligible debtor under the Bankruptcy Code.  In doing so, Judge Sontchi rejected the majority view that federal common law should govern.

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Mark E. Felger

Co-Chair, Bankruptcy, Insolvency & Restructuring

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Barry M. Klayman

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