No Bright-Line For Foreign Insolvency Law In Ch. 15
December 12, 2013, 7:01 PM EST
Law360, New York (December 12, 2013, 7:01 PM EST) -- In Jaffé v. Samsung Electronics Co. Ltd., et al., the Fourth Circuit confirmed the absence of a bright-line rule governing whether foreign insolvency law will apply in cases under Chapter 15 of the Bankruptcy Code. Rather, the Fourth Circuit joined the Fifth Circuit in concluding that Bankruptcy Code § 1522(a) requires balancing the interests of a foreign debtor and its creditors when considering whether to apply a foreign law.
Here, the German insolvency administrator sought to reject patent licenses under § 103 of the German Insolvency...