2nd Circ.'s Strict Ch. 15 Rule Will Drive Cases To Delaware

Law360, New York (March 3, 2014, 8:11 PM EST) -- Delaware’s bankruptcy court will be the new hot spot for insolvent foreign entities seeking Chapter 15 bankruptcy protection in the wake of the Second Circuit's tough take on who deserves that relief, experts predict.

Chapter 15 of the Bankruptcy Code, which allows foreign debtors’ main insolvency proceedings to be recognized in the U.S., is still developing as courts and attorneys attempt to apply the nine-year-old law. With a global economy in which companies are becoming increasingly intertwined with banks and investors across borders, foreign debtors need...
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