Section 365 of the code governing this area of the law provides flexibility in either performing or rejecting executory contracts.
In this area of law, general deference to state law principles in the absence of conflict is required by the Butner case. In some instances, the 1129(a)(8) requirement of unanimous approval of all classes can be avoided through the use of a cramdown. Section 365 of the code governing this area of the law provides flexibility in either performing or rejecting executory contracts. In this field, the filing of a voluntary or involuntary petition directly triggers the creation of an instrument called an (*) "automatic stay." This area of law creates a "waterfall," a structure of priorities that begins with domestic support obligations and back wages before reaching unsecured debt holders and equity. For 10 points, name this area of law which applies to liquidations through Chapter 7 of its namesake code and to corporate reorganizations through Chapter 11.
In this area of law, general deference to state law principles in the absence of conflict is required by the Butner case.
bankruptcy