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Expert Analysis

Business As Usual, Subject To Restrictions

Law360, New York (May 8, 2015, 10:45 AM EDT) -- Under the Bankruptcy Code, a debtor in possession operates its business "as usual" during the pendency of a case. Likewise, in most cases, prepetition corporate governance practices and procedures should continue post-petition. In fact, as Judge Christopher Sontchi recently held in In re SS Body Armor I Inc., Case No. 10-1125(CSS) (Bankr. D. Del. April 1, 2015), the right of a shareholder to compel a shareholders meeting for the purpose of electing a new board of directors continues during bankruptcy. Absent "clear abuse," the automatic stay of 11 U.S.C. § 362 is inapplicable....

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