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The In re Jevic Holding Corp. chapter 11 case continues to make news.  The case is likely best remembered for the 2017 Supreme Court decision holding that the distribution scheme in a structured dismissal of a Chapter 11 case cannot violate the absolute priority rule.  The case has since been converted to Chapter 7, and in its most recent development, the Bankruptcy Court in Delaware barred the Chapter 7 trustee from stepping into the shoes of either the former unsecured creditors’ committee or the debtor due to the language in the Final Debtor In Possession Order. Chapter 7 trustees have the power to pursue claims in the name of debtors, but such power does not apply if the debtor bars itself and its successors from asserting such claims.  However, a trustee does not have a right to take over an avoidance claim brought by a creditors’ committee unless the action being pursued is derivative of the debtor’s rights.

United statesFlender groupSupreme courtJevic holding corpCreditor committeeFox rothschildBankruptcy courtJevic holdingFinal debtor in possessionPetition dateFinal orderஒன்றுபட்டது மாநிலங்களில்கடன் வழங்குபவர் குழுஉச்ச நீதிமன்றம்நரி ரோத்ஸ்‌சைல்ட்திவால்நிலை நீதிமன்றம்