Reconciling Foreign Bankruptcy Law With US Policy

Law360, New York (October 9, 2013, 5:06 PM EDT) -- Imagine that an insolvent foreign company’s assets are fully encumbered (perhaps not so difficult to imagine). Also imagine that the foreign company is simultaneously subject to receivership at the behest of secured creditors and also liquidation. Then imagine that the foreign jurisdiction’s laws allow the company’s secured creditors, through the receiver, to retain possession of the company’s assets and to satisfy debts directly from those assets.

This differs from the approach taken under United States law in two ways: (1) receivership proceedings (creatures of state law)...
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