Bankruptcy Court Lifts Stay to Let Owner Evict Assignee in Chapter 11
What Happened: An airport tenant assigned its lease to an assignee. In June 2020, the owner and tenant signed an agreement terminating the lease. In August, the assignee filed for Chapter 11 bankruptcy. The owner asked for permission to bring a lawsuit to evict the assignee since the underlying lease was no longer in effect when the bankruptcy petition was filed.
Ruling: The Illinois federal bankruptcy court agreed and lifted the automatic stay.