The Importance Of The 5th Circ. Vitro Holding

Law360, New York (November 13, 2012, 4:32 PM EST) -- 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. Chapter 15 draws a distinction between a "foreign main proceeding" (i.e., a foreign proceeding pending in a country where the debtor has the center of its main interests) and a "foreign nonmain proceeding" (i.e., a foreign proceeding pending where the debtor has "an establishment").

Upon recognition of a foreign main proceeding, certain protections arise automatically in favor of the foreign debtor, including the imposition of an automatic stay. Recognition of a foreign nonmain...

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