Ch. 15 — Still Coming Of Age

Law360, New York (February 25, 2013, 10:10 AM ET) -- Seasoned participants in the world of cross-border insolvency recognize the inherent complications when U.S. and non-U.S. insolvency laws must be reconciled — for example, when a non-U.S. entity faces the need to restructure debt issued under U.S. law that is held primarily by U.S.-based investors, or when a foreign debtor seeking relief from U.S. debts in a cross-border insolvency seeks approval from a U.S. court to sell its assets.

Under Chapter 15 of the U.S. Bankruptcy Code, there is no clearly defined standard for when a...
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