1. If the Trustee is of the opinion that the assignment of an existing contract largely would serve the best interest of the bankruptcy estate, he shall submit an application to the Bankruptcy Court for approval to assign the contract, and shall attach with the application the contract and the justifications upon which the assignment is based. Along with the application, the Trustee shall provide evidence of the ability of the assignee to perform the contract. 2. The other party to the contract may object to the application referred to in Clause (1) of this Article based on the absence of evidence to prove the ability of the assignee to perform the contract or that the assignment of the contract would violate the provisions of this Article. If the existing contract is assigned, the assignment shall include all issues of the contract. The assignee shall fulfill the contractual obligations. 3. The Bankruptcy Court shall approve the application to assign the existing contract in the following cases: a. If the contract assignment would serve the best interest of the bankruptcy estate; b. Where the other party to the contract furnishes an objection in accordance with the provisions of Clause (2) of this Article, and the Trustee proves, before the Bankruptcy Court, the ability of the assignee to perform the contract; or c. Where the assignment would not result great injustice to the other contracting party. 4. Upon assignment of an existing contract, the assignee shall bear the debtor's liability arising from the contract, and the bankruptcy estate shall be released from all obligations stipulated in the contract. 5. The Trustee may assign the contract in accordance with the provisions of this Article even if the contract prohibits any such assignment. 6. The Trustee may not transfer the existing contract if it is: a. A contract to borrow or grant credit to the debtor. b. A contract between the debtor and a party where and the personality of the debtor is a core element of the contract.
Interpretation and application must be checked against the official text and current version.