Law360, New York (January 12, 2016, 11:20 AM EST) -- Pre-bankruptcy waivers of the right to file bankruptcy are generally unenforceable, while prohibitions in entity governance documents, including restrictions or requirements with regard to filing bankruptcy, are generally enforceable. Where it gets particularly uncertain is where a creditor (or a party wearing both creditor and equity holder hats) is able to obtain a waiver or restriction on bankruptcy filing by having it included in the entity governance documents. As discussed below, such a restriction was found by a bankruptcy court in Oregon in 2014 to be an unenforceable violation of public policy when it was included in the operating agreement of a limited liability company (LLC) at the request of the entity's lender. ...
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