The Importance Of In Re Condor

Law360, New York (May 14, 2010, 2:17 PM EDT) -- On March 17, the U.S. Court of Appeals for the Fifth Circuit decided the case of Fogerty v. Petroquest Resources Inc. (In re Condor Ins. Ltd.), 2010 WL 961613 (5th Cir. March 17, 2010).

In an issue of first impression, the court held that Section 1521(a)(7) of the Bankruptcy Code does not prohibit a foreign representative in a Chapter 15 proceeding from commencing an avoidance action that is based on the substantive laws of the jurisdiction where the “foreign main proceeding” is located.

The Fifth Circuit...
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