Specific Performance Remedies in Bankruptcy

, New York Law Journal


In their Transactional Real Estate column, Mitchell L. Berg and Peter E. Fisch, partners at Paul, Weiss, Rifkind, Wharton & Garrison, write that most courts apply a "business judgment" test to a debtor's decision to reject an executory contract whereby, in order to obtain court approval, a debtor must demonstrate that in the "best 'business judgment'" of the debtor, it would be "beneficial . . . to the estate" to reject the contract.

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