Barry M. Klayman and Mark E. Felger Sontchi Rejects Majority View on Test to Determine Whether a Business Trust Is an Eligible Debtor
What law determines whether a "business trust" may be an eligible debtor under Chapter 11? There is a split of authority as to whether the law of the jurisdiction in which the trust resides or federal common law controls.
June 30, 2021 at 09:00 AM
7 minute read
What law determines whether a "business trust" may be an eligible debtor under Chapter 11? There is a split of authority as to whether the law of the jurisdiction in which the trust resides or federal common law controls. The weight of authority is in favor of applying federal common law. However, in In re EHT US1, Case No. 21-10036 (CSS), 2021 WL 2206507 (Del. Bankr. June 1, 2021), Chief Judge Christopher Sontchi disagreed with the majority consensus and held that the law of the jurisdiction in which the trust is organized will govern.
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