Preempting Insurance Policy Anti-Assignment Provisions

Law360, New York (June 6, 2012, 1:16 PM EDT) -- For companies suffering massive and debilitating exposure to current and future asbestos liabilities, a Chapter 11 reorganization offers them the opportunity to resolve these liabilities efficiently and equitably using section 524(g) of the Bankruptcy Code.

If certain statutory requirements are met, section 524(g) permits the bankruptcy court to issue an injunction channeling all current and future asbestos claims against a debtor to a trust established pursuant to a Chapter 11 plan.

The trust assumes responsibility for paying the claims, usually in accordance with a predetermined payment...
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