Vitro: Defining 'Manifestly Contrary' To US Policy
Law360, New York (May 8, 2012, 5:31 PM EDT) -- Chapter 15 of the Bankruptcy Code provides a procedure to obtain recognition of a foreign bankruptcy, insolvency or debt adjustment proceeding (a "foreign proceeding") in the United States. Upon recognition of a foreign proceeding, creditors and other parties in interest in the United States are generally enjoined or stayed from taking action against the foreign debtor that would be in contravention of the foreign proceeding.
Assuming all the requirements for obtaining recognition, which have been described as "formulaic," are satisfied, a United States court will grant recognition, subject to one exception. Section 1506 of the Bankruptcy Code provides that "[n]othing in...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!