Bankruptcy in the Context of the Sublease: The 48th Street Steakhouse Zinger and Other Woes
Probate and Property, September/October 2003, Volume 17, Number 5
By Geoffrey Hargreaves-Heald
Geoffrey Hargreaves-Heald is of counsel with Nutter, McClennen & Fish LLP in Boston, Massachusetts.
Aptly described as "the land of broken promises," bankruptcy has a way of thoroughly devastating the reasonable expectation of leasing parties—and their attorneys. Even in the relatively well-charted regions of that land relating to leases, the Bankruptcy Code itself can be vague, its entanglement with nonbankruptcy law Gordian, and its interpretation and application by bankruptcy courts (which tend to be worlds unto themselves) various and unpredictable. Add to this the further complication of a sublease or two, and things become truly interesting.