Ch. 15 Check — Recent Rulings On Foreign Proceedings

Law360, New York (March 19, 2012, 2:39 PM EDT) -- Chapter 15 of the Bankruptcy Code was enacted in 2005 to create a procedure to recognize an insolvency or debt adjustment proceeding in another country and to, in essence, domesticate that proceeding in the United States. Once a foreign proceeding is “recognized,” a step which cannot be achieved without a foreign representative satisfying various requirements, the foreign representative may obtain certain protections from a United States bankruptcy court, including the imposition of the automatic stay to protect the foreign debtor’s property in the United States....
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