Barnet Sets Stage For Potential Chapter 15 Circuit Split

Law360, New York (February 20, 2014, 1:12 PM EST) -- In Drawbridge Special Opportunities Fund LP v. Barnet (In re Barnet), 737 F.3d 238 (2d Cir. 2013), the United States Court of Appeals for the Second Circuit held that foreign entities seeking recognition under Chapter 15 of the Bankruptcy Code must, in addition to satisfying the requirements for recognition set forth in that chapter, have a residence, domicile, place of business or assets in the United States pursuant to Section 109(a) of the Bankruptcy Code.

The Second Circuit reversed the bankruptcy court that had granted recognition...
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