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United States

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Introduction A recent decision from the U.S. Court of Appeals for the Seventh Circuit provides insight into the pitfalls that can befall a buyer of assets in a bankruptcy if it is not found to be a “good faith” purchaser under section 363(m) of the Bankruptcy Code.  On April 4, 2022, many years after a bankruptcy sale closed, the Seventh Circuit ruled that a buyer who purchased assets of a debtor in bankruptcy under section…