2nd Circ. Says Foreign Cos. Can't Skirt Key Bankruptcy Rule

Law360, New York (December 11, 2013, 6:32 PM ET) -- The Second Circuit held Wednesday that foreign companies seeking U.S. recognition of their bankruptcy proceedings in their home countries must comply with a provision that requires a debtor to have either a business or property in the U.S. in order to obtain relief.

A three-judge panel reversed U.S. Bankruptcy Judge Shelley C. Chapman’s ruling last year that allowed Queensland, Australia-based property finance group Octaviar Administration Pty Ltd. to be recognized as a foreign proceeding under Chapter 15 of the U.S. Bankruptcy Code.

The panel held that...
To view the full article, register now.

Dewey Verdict Watch

Follow our exclusive coverage of the trial of the year:

Dewey Trial Day 70