Training Guide

Executory Contracts and Unexpired Leases in Bankruptcy


Training Guide

Executory Contracts and Unexpired Leases in Bankruptcy

Remote or in person

What’s Covered

  • Definitions of executory contracts and unexpired leases
  • Unassignable contracts and leases
  • Effect of bankruptcy on anti-assignment and ipso facto clauses
  • Status of ongoing obligations before assumption, assignment, or rejection
  • Timing and process for assumption, assignment, or rejection 
  • Requirements before assumption
  • Effect of assumption or rejection

Before the Session

Prepare the Attendees

Send the attendees an invitation for the session. Include this link, which has the videos and exercise they’ll need to prepare.

Prepare Yourself

Watch the videos and read the exercise so you’re familiar with the Hotshot material.

During the Session

Part 1: Knowledge Check

Ask attendees these questions to ensure they understand the topic:

  • What is an executory contract?
  • Why would a company want to assume and assign a contract or lease?
  • What obligations does a company have to the counterparty of an executory contract during the period after Chapter 11 filing but before the contract has been assumed or rejected?
  • What deadlines does a company need to keep in mind when deciding whether to assume or reject different types of unexpired leases?
  • Under what standard does the Bankruptcy Court review the company’s decision to assume or reject an executory contract?
  • Once the court approves, are there any other requirements for the company before assuming a contract or lease?
  • Is the company’s rejection of a contract or lease considered a breach of the agreement or a termination of the agreement, and what effect does this have on the counterparties?

Part 2: Group Exercise

Lead a group discussion based on the exercise. To encourage collaboration, divide the attendees into groups to discuss the exercise, then have a representative from each group summarize their views to the larger group. Call on people to share their thoughts and ask others to respond.

Tip for remote sessions: use your web conferencing system’s breakout room feature to divide people into groups.

Part 3: War Stories and Firm Specifics

Share your own experiences and guidance, including:

  • Anecdotes and war stories (e.g., about a near-disaster or a tough negotiation)
  • General practice tips (dos and don’ts)
  • Firm-specific guidance and practices

After the Session

To continue their learning, attendees can check out related courses in Hotshot’s Restructuring topic.

About Hotshot

Hotshot helps lawyers develop their legal, business, and technology skills through short videos, quizzes, and summaries, and we help law firms and law schools plan and deliver engaging training programs. Our customers include Am Law 200 firms, top law schools, and regional and international firms.

Contact us at if you’re interested in a free consultation about remote training for your firm.

Log in or sign up at