German IT Firm Enters Ch. 15 To Resolve US Assets

Law360, Los Angeles (August 21, 2013, 7:50 PM EDT) -- Reutax AG, a Germany-based information technology firm already under bankruptcy protection in that country, on Wednesday sought Chapter 15 relief in Delaware bankruptcy court as its founder continues to be investigated for allegedly embezzling millions in company funds, according to court documents. 

Reutax's court-appointed foreign representative, Tobias Wahl, filed for Chapter 15 protection in Delaware bankruptcy court seeking to prevent creditors from taking action against the company's U.S. assets while the German proceedings are still pending.

Chapter 15 relief would also help with the production and...
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